China outbound travel site Qulv.com raises $20m
Qulv.com, a Chinese outbound travel-focused platform, has raised a $20 million Series A round of funding from domestic GP Yuantai Changqing Fund.
The funding round was confirmed by the company through its official Weibo microblog. It will use the new capital to strengthen its leading position in the outbound travel vertical, providing charter flights and local pick-up services in popular destinations among Chinese travelers, the company told local media.
Founded in 2012, Shenzhen-headquartered Qulv has offices in Shanghai, Beijing, Chengdu, Chongqing and Maldives. It provides outbound travel packages, flight and hotel booking, visa application services through online platform. It specializes in islands vacations, including Maldives, Saipan and Sri Lanka.
The company claims to have formed partnerships with over 300 companies, including hotels and airlines operators.
Chinese outbound tourists will double from 100 million in 2013 to 200 million by 2020, according to a report by brokerage CLSA. Start-ups focusing on this segment that have previously received VC and strategic investment include Lulutrip.com, Fxtrip.com and Byecity.com.
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