Tencent To Buy Stake In DianPing For $400 Million , China’s Yelp
Tencent the internet powerhouse in China announced that they will purchase DianPing for $400 Million USD. Dianping is a startup based in China that is equivalent to Yelp for China. The announcement was made that Tencent will buy 20% of Dianping with the option to buy another 5 percent of the startup within a year when the latter launches its initial public offering overseas, the report said.
DianPing is one of the most popular websites in China. The functions are very similar to yelp and has more restaurants and listing than yelp. Dianping also has group buying offers like many other startups in China. Dianping is China’s leading local life information and trading platform and one of the first online independent third-party consumer service rating sites worldwide. In addition to all the Yelp-like features, the company also offers up to date and discounted membership cards with local businesses.
The startup gained an enormous amount of attention when they first released their mobile apps. Mobile apps are extremely popular in China and has been doing pretty well in the market. Initially the app only allowed you to locate local restaurants, see pictures, and rate them. Shortly after their release Dianping allowed business owners to post up deals and membership cards so regular customers can apply and use them on the spot. The company’s last round of funding was back in 2012 for 32.3 Million. The startup’s first round funding was made by Sequoia Capital.
The company last released their stats back in Q3 of 2013. As of Q3 of 2013, Dianping had more than 75 million monthly active users, over 28 million reviews, and more than 6 million local businesses covering approximately 2,300 cities across China. The company is quite unique when it comes to listings. On top of the regular known business listings, the site also list restaurants that you rarely hear about. Some of those listings include street food vendors, street food karts, basement moms and pop food shops and many more. Dianping covers most of the major cities in China and some offshore cities like Macau.
Check out their website below. When you first enter the website you will be prompt a list of cities. If you do not know Chinese, randomly select a city and it will take you to the city’s listings similar to Yelp.