Chinese travel booking site, Qunar has raised $500 million led by a global technology investment firm Silver Lake. Silver Lake has invested $330 million, while the remaining $170 million was contributed by an another unnamed investor. The raised funding will be used to grow its mobile presence, expand its business line, and further enhance technology capabilities.
Last month, the company’s rival Ctrip offered to acquired Qunar, but the deal was rejected by the firm. “After careful consideration of such offer, we declined to pursue it,” said the company but it remain opens to “engaging in further discussions with Ctrip as well as with other strategic players in our sector.”
In its Q1, 2015 financial report, Qunar doubled its revenues, as compared to same period last year for a total of $108.3 million. 60% of its revenue comes from mobile devices in flight bookings, followed by hotel reservations.
Ctrip is backed by Tencent, the maker of WeChat and a Chinese internet company. Qunar is a portfolio company of China’s another search engine firm Baidu. Both Tencent and Baidu, along with with Alibaba which revealed a travel marketplace branded Alitrip in October 2014, are looking to tap the surging ranks of Chinese tourists.
Lvmama is also a tourism and travel site in China, which secured $80 million from Jinjiang International Group one day back. Tuniu which operates in over 120 countries, received $148 million led by eCommerce firm JD and Hony Capital in December 2014.