Chinese group-buying site 55Tuan secures $50m
55Tuan, a Chinese group-buying site, has received $50 million in a new round of funding from existing investors, including CDH Investments and Zero2IPO Capital.
The new capital will be used to expand the company's services to more major cities, develop its mobile business and optimize products and services, 55Tuan told NetEast.
The group-buying site was launched in 2010 and raised $200 million from CDH, Shanghai GSI Investment, Tianjin Redbud Capital Investment and Zero2IPO the following year, AVCJ Research's records show. The company announced plans for a US IPO but this has yet to come to fruition.
The group-buying industry in China was flooded with new entrants from 2010 onwards, creating massive oversupply. Margins were hit and a number of players subsequently went out of business.
55Tuan currently operates in more than 200 cities around the country and has about 200,000 merchant partners.
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