Ctrip subsidiary Aiwan gets record investment from Fosun Group
Aiwan announced it received multi-million Series A financing from Fosun Group, the largest investment ever in the fledgling theme travel market in China.
ChinaTravelNews –Shanghai-based Aiwan Information Technologies announced it received multi-million RMB Series A financing from Fosun Group. This is the largest investment ever in the fledgling theme travel market in China. Ctrip subsidiary Aiwan specializes in special interest and theme travel market in a pioneering vertical business model. It has developed an independent Aiwan app and has successfully entered the golf market.
Aiwan was set up during Ctrip’s “second-phase startup” plan. As China’s economic growth accelerates, demand for theme travel such as golf, motorcycling, photography, hiking, skiing and horse-riding is growing rapidly among the middle and upper class.
“Ctrip supports its own staff to develop independent startups in niche markets. Theme travel is still not very big but its growth rate far exceeds that of the average growth of the travel industry and will become a sizable market in the future. These niche yet fast-growing market segments are operated in steep vertical models and are market leaders, hence they have significant strategic values,”Ctrip CEO James Liang said.
Fosun Group president Guangchang Guo said, “Investing in Ctrip subsidiary Aiwan is part of our development strategy. Fosun is extremely interested in the theme travel market and we will allocate our existing resources to fully support Aiwan’s development.”
Aiwan CEO Han Ding said, “Aiwan’s goal and strategy is crystal clear – we will increase vertical depth in the theme travel segment and use mobile apps to integrate every stage of our supply chain.”
Aiwan will continue to expand capital investment and operational level of its golf vacation project with the goal of having more than 400,000 registered users by the end of 2015.
With Ctrip and Fosun Group’s backing and resources, ample funds and an ambitious team, Mr. Ding is confident that Aiwan will quickly dominate the market segment.(Translation by David)