Mafengwo, a Chinese travel and lifestyle site has received funding of $250 million by Tencent Holdings Ltd, as the startup is looking to increase its reach in the online travel industry.
On Wednesday, 22nd May, according to a statement from the company, the other participants in the round of funding were NM SS Holdings Limited, Hopson Emerald Limited, General Atlantic, Qiming Venture Partners, and Yuantai Investment.
In China, the travel startup competes with Ctrip International Co Ltd which is funded by Alibaba Group.
Mafengwo has a community of Chinese tourists where users share their travel tips, places to shop and places to eat.
The company was founded 9 years ago and now has expanded to bookings of travel services via its partners.