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VC Watch: Chinese Rival To Airbnb Gets $300 Mln In Funding

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Airbnb's biggest rival in China, Tujia.com, has raised $300 million in funding from investors as part of its efforts to expand rapidly and tap growing demand from Chinese tourists holidaying around the world.

The new funding values Tujia at $1.5 billion, compared to the valuation of $1 billion when the Beijing-based startup last raised funding in 2015. The investment round was led by online travel giant Ctrip.com International Ltd. and All-Stars Investment Ltd.

China Renaissance's New Economy Fund and Glade Brook Capital, already an investor in Airbnb, also took part in the funding along with G Street Capital.

Tujia's latest fund-raising comes as rival Airbnb bolsters its presence in China to grow its domestic market share. Airbnb was slow in taking the Chinese market seriously and set up a Chinese entity only last year.

Airbnb now has around 100,000 listings in China. Worldwide, it has four million listings across 65,000 cities. The company has adopted the name "Aibiying" in China, which translates as "welcome each other with love."

Tujia has more than 650,000 vacation listings in China and overseas. It covers 345 domestic and 1,037 foreign destinations. The company acquired smaller rival Mayi.com in June.

by RTT Staff Writer

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