Airbnb Rival Raises $300m in China

This fundraising, led by Ctrip et All-Stars Investment, should allow Tujia to provide some 100,000 rentals by 2019.

Posted lundi, octobre 23 2017
Airbnb Rival Raises $300m in China

If some platforms have chosen to rent luxury residences to be different from Airbnb, China’s Tujia has chosen instead to imitate the Californian giant’s business model on home turf. And quite a success the choice has turned out to be! At least, enough to get $300 million from a group of investors driven by the first Chinese travel agency Ctrip and the fund All-Stars Investment. Glade Brook Capital, G street Capital and China Renaissance also participated in the round table.

 

Tujia’s ambition is clear: to do in China what Airbnb does everywhere else. The funds raised will permit the company to spread its offer on the Middle Kingdom, with a target of 100,000 apartments available to rent before 2019, against 10,000 rentable at the moment. An increase in recruitment and marketing are also on the schedule, especially when it is known that Airbnb’s last fundraising ($1bn) was carried out with a view to conquering the Chinese market. So, is Tujia going to be able to be a prophet in its own country?

 

FS/CG