China’s Meituan-Dianping Raises More Than $3.3 Billion In Funding Round

The Chinese internet company Meituan-Dianping, akin to a mix of Yelp, Groupon and food delivery, said Tuesday it has raised more than $3.3 billion in a funding round, as the firm takes on a slew of rivals in a fiercely competitive domestic market.

A representative confirmed the news to Reuters, but declined to disclose details on Meituan-Dianping’s valuation.

The company was formed in October as the result of the merger of Meituan, backed by Alibaba Group Holding Ltd., and Dianping, backed by Tencent Holdings Ltd.

In November, the Wall Street Journal and Financial Times reported that Alibaba is seeking to sell its stake in the firm.