Meituan-Dianping raises $4 billion, valuing firm at $30 billion

China's largest group-buying and restaurant reviews service Meituan-Dianping said Thursday that it had raised 4 billion U.S. dollars in a funding round that valued the company at 30 billion dollars.

A Chinese netizen looks at logos of online group buying site meituan.com, upper, and restaurant rating website Dianping.com on his computer in Tianjin, China, 8 October 2015. [Photo: IC]

The latest round of fundraising was led by Chinese internet giant and existing investor Tencent, together with other participants including Sequoia Capital, Singaporean sovereign wealth fund GIC Pte and Tiger Global Management.

The company now plans to invest more in cutting-edge technologies like unmanned distribution and artificial intelligence (AI).

Meituan-Dianping is an online platform that provides a wide range of services such as movie tickets, food delivery, restaurant bookings and beauty services.

The company said it has more than 240 million users and receives over 18 million orders every day.

Last year, Meituan-Dianping raised over 3.3 billion dollars in a round of funding that valued the firm at around 18 billion dollars.