Retail conglomerate China Resources Holdings has made a strategic investment in China’s largest online-to-offline service provider Meituan-Dianping through its startup fund.
The statement cited that they would also collaborate on food delivery businesses by combining China Resources’ offline retail network and Meituan-Dianping’s online platforms.
China Resources’ retail outlets including CR Vanguard, Tesco, Ole, Vango and Pacific Coffee will be integrated with Meituan-Dianping’s online platform.
Meituan-Dianping, which was merged between two separate O2O sites in October last year, secured a $3.3-billion financing round – the largest investment in internet startup to date – led by Tencent Holdings, DST Global and TBP Capital early this year.
It claims to have over 600 million users with 4.3 million offline merchants across China with 11.5 million orders a day on its platform last month.
(Source: Deal Street Asia)