Octopus receives RMB 170 million in B round backed by Tempus Global
A Tempus Global-led group planned to inject RMB 170 million into Octopus. Tempus Global will acquire a 4.17% stake in Octopus for RMB 50 million.
A consortium led by Tempus Global and include Xiamen Tempus Wutong, Octopus and the original stakeholders of Octopus planned to inject RMB 170 million into Octopus, a B2B travel distribution platform, through a private placement. Tempus Global will acquire a 4.17% stake in Octopus for RMB 50 million in the process. The deal will put Octopus’s value at around RMB 1.2 billion, based on data compiled from Shenzhen-listed Tempus Global’s announcement on August 23.
Established in 2011, Octopus mainly operates B2B transaction through an online travel distribution platform covering a comprehensive range of products and services,from short-haul and long-haul domestic tours to outbound travel, free individual travel to cruise tourism. The company raised RMB 150 million in its series A round in November 2013.
Tempus Global’s international tour arm and its other investors will cooperate with Octopus to develop more supplies of attractions, hotels and air-ticketing. Tempus Global’s airline resource will also be integrated in Octopus’ platform. This will provide Octopus with better ticketing resources and extend Tempus Global’s air tickets distribution channels.
Tempus Global generated operating revenues of RMB 526 million from January to June in 2016, up by 33.43% YoY. Net income attributable to the listed company’s shareholders increased 18.76% to RMB 77.98 million during the first half of the year, according to the company’s interim report released on August 23, 2016. （Translated by Jerry）