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Qunar snags a half-billion dollars in funding
The investment merry-go-round continues in the Chinese online travel market with travel company Qunar grabbing US$500 million in its latest funding round.
Tech investment firm Silver Lake invested US$330 million, while US$170 million came from an unnamed investor, Qunar said in a statement.
The company said it will use the money to expand its mobile presence and invest in technology.
Its 2015 first quarter revenue doubled compared to a year with mobile accounting for 60% of income.
It also revealed its response and rejection of an offer by rival Ctrip to buy Qunar, but left the door open to another improved bid in the future.
"After careful consideration of such offer, we declined to pursue it in a letter response dated June 1, 2015. However, consistent with our policy to consider all potential strategic opportunities that may benefit our company and our shareholders, we remain open to engaging in further discussions with Ctrip as well as with other strategic players in our sector," it said in its earnings report.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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