Temasek, DCM back $60m round for China travel site Tuniu

The proceeds will be used to optimize its online products and staff hiring, according to Conor Yang, who joined Tuniu as CFO in January. Previously he was CFO of advertising firm AirMedia Group and online retailer Dangdang.com, which were listed in the US in 2007 and 2010, respectively.

Founded in 2006, Tuniu provides booking and tour package services to Chinese travelers. The company currently has 14 departure cities across China, including Beijing, Shanghai, Nanjing and Shenzhen. In the first half of this year, Tuniu offered over 40 thousand tours to more than 3 million visitors.

AVCJ Research shows Gobi Partners invested $3 million for an approximate 20% stake in Tuniu four years ago. DCM took part in a $10 million Series B round in 2010, which also counted Gobi Partners among investors. In 2011, Tuniu secured $50 million from Highland Capital Partners, Japanese e-commerce firm Rakuten, Sequoia Capital China and DCM.

China's online travel industry continues to develop rapidly. Last year, its market transaction size exceeded RMB170 billion ($28 billion), with an annual growth rate of 30%, according to a iResearch report. The market transaction size is expected to increase to RMB220-230 billion this year.

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• Topics
• Greater China
• Expansion
• China
• Growth capital
• Temasek Holdings
• DCM-Doll Capital Management
• Gobi Partners
• Highland Capital Management
• Sequoia Capital
• e-commerce
• Consumer