Chinese travel app developer Huoli secures $144m
Shenzhen Huoli Tianhui Technology, the parent company of Chinese flight management app Flights Manager, has raised RMB933 million ($144 million) in a Series C round of funding.
The round gives Shenzhen Huoli a post-money valuation of RMB2.16 billion. Investors included CAAC Private Equity Fund, Beijing CAAC Heyuan Investment and HNA Group. According to a filing last month, HNA agreed to commit a total of RMB400 million for an 18.6% stake in Shenzhen Huoli through various subsidiaries.
Shenzhen Huoli started in 2009 as an online platform for users to track fight and train status, and subsequently added a ticket purchasing function to its app - Flights Manager - in 2012. Apart from flight and train ticket sales, the company has launched new apps that provide hotel booking and ride-hailing services. The company claims to have more than 10 million active users on its platforms.
Shenzhen Huoli raised two rounds of funding from foreign VC investors in 2011. It received $5 million in a Series A round from Sequoia Capital in January and a $15 million Series B round from Matrix Partners China and Greylock Partners in December.
Following the new investment, the company will remove its variable interest entity (VIE) structure - and replace foreign capital with domestic - in preparation for an onshore listing. Locally listed companies are not permitted to have VIEs. These structures exist to allow offshore investors to take equity stakes in companies that operate in sectors in which foreign participation is restricted.
In addition, part of the new funding will be used to promote the company's brands and further develop its Flight Manager app, local media reported.
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