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Tujia gets USD300 million funding war chest for overseas expansion
China’s big rival for Airbnb’s home sharing crown Tujia, just pocketed a $300 million funding round, aiming to bolster its position in the luxury domestic market and to expand further overseas.
Led by Ctrip, the funding round now values the company of over $1.5 billion.
While much smaller than Airbnb globally, Tujia can at least hold its own against the San Francisco based giant in Chinese speaking markets.
According to an internal memo from CEO Justin Luo the funding will go ‘towards optimising the user experience by standardising aspects of our alternative travel accommodations such as linen washing, cleanliness, and smart capabilities.’
It will also help boost ‘the domestic high-end real estate market and in foreign markets.’
Tujia touts it is now present in 345 Chinese cities and more than 1,000 destinations overseas with a total of 650,000 online listings.
"We see significant growth in China’s online short term rental market and expect it to reach similar penetration levels of accommodations bookings as in the US and Europe," said Paul Hudson, founder and CIO at Glade Brook.
Glade Brook is a new Tujia investor to come onboard, which interestingly, is also a backer of Airbnb.
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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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