Chinese travel website Mafengwo backed by Singapore state investor Temasek Holdings hopes to raise up to USD 300 million in a new funding round that it hopes to value the firm at USD 2 billion to USD 2.5 billion, two people with knowledge of the matter said.
The company hopes to use the fresh funds to acquire better tourism resources and products and better monetize its current travel content, one of the sources, who could not be identified because the information is confidential, told Reuters on Friday.
The fundraising amount and the company's valuation could change depending on market appetite, according to the two sources. Mafengwo has been in talks with potential investors for at least a couple of months, they said.
Mafengwo did not respond immediately to a request for comment.
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