Meituan invests Mobike’s over $1 billion E round, poised to best Didi
Both Meituan-Dianping and Mobike have both rolled out their ride-hailing service.
China’s leading ride-sharing company Mobike is soon to close a Series E round, reportedly led by Meituan-Dianping, a Chinese lifestyle app, with participation from existing and new investors, according to 36Kr citing multiple sources.
The funding round brings over USD 1 billion investment to Mobike at a valuation of more than USD 5 billion. Tech giant Tencent remains Mobike’s largest shareholder post-funding.
Last September, Tencent-backed Meituan-Dianping integrated Mobike’s service into its app, signifying a deeper partnership down the road. The duo has both rolled out their ride-hailing services, making Didi, the No.1 ride-hailer in China, as their shared rival.
At the same time, Mobike’s archrival Ofo has yet to complete its last round of USD 1 billion financing led by Alibaba announced earlier this year.
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