Airbnb’s biggest rival in China, Tujia.com, has raised $300 million to fund a rapid expansion and ride a surge in Chinese families taking holidays around the world.
Online travel giant Ctrip.com International Ltd. and All-Stars Investment Ltd. led a round that valued the company at more than $1.5 billion, it said in a statement confirming an earlier Bloomberg report. That’s up sharply from a valuation of over $1 billion when it last tapped financing in 2015.
China’s largest vacation rental platform now handles more than 650,000 listings globally, focused on serving the world’s largest population of domestic and international travelers. Tujia’s latest fund-raising comes as Airbnb quadruples its Chinese tech team to grow its domestic market share. It now has around 100,000 listings there and is fighting to convince the same group of middle-class consumers to use its services instead of domestic rivals.
China Renaissance’s New Economy Fund, Glade Brook Capital — a backer of Airbnb — and G Street Capital also took part in the round, the company said.
Tujia is intent on taking its rivalry with Airbnb global, including in Japan — one of the most popular destinations for Chinese tourists. The Beijing-based startup aims to increase the number of properties available for holiday rental there to about 100,000 by 2019 from 10,000 now, Tomoko Suzuki, chief executive officer of the Japanese unit, told Bloomberg.
©2017 Bloomberg L.P.