Mafengwo will use the capital to build a new one-stop travel service platform driven by AI and data algorithms catering to young Chinese travelers.
GTV of the in-store, hotel & travel businesses grew by 15.1% to RMB46.4 billion in the three months ended March 31, 2019.
Hotel turnover increased 17% to RMB7.2 billion. Net revenues from manachised and franchised hotel were RMB1.7 billion (US$257 million), representing a 15.2% year-over-year increase.
The execution of our strategies has allowed us to improve on our market share and drive strong growth rates across gross bookings, adjusted revenue and standalone hotels online room nights.
But if you want to go to China, you have to learn to be as fast as a Chinese company
B&B Hotels has more than 450 hotels in 10 countries and reported revenue last year of 580 million euros.
Airlines such as Vistara UK, GoAir, SpiceJet, and Indigo were among the carriers offering flights through the service, which offered up to 2,000 rupees ($28.50) cash back on bookings.
The deal is subject to agreement on the final terms and to shareholder and regulatory approval.
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