China's Meituan-Dianping raises over $3.3 billion in funding round

BEIJING (Reuters) - Chinese Internet company Meituan-Dianping, akin to a mix of Yelp, GroupOn and food delivery, said on Tuesday it has raised more than $3.3 billion in a funding round, as the firm takes on a slew of rivals in a fiercely competitive domestic market.

A spokeswoman confirmed the news to Reuters but declined to disclose details on Meituan-Dianping’s valuation.

The company was formed in October when Meituan, backed by Alibaba Group Holding Ltd BABA.N, and Dianping, which is backed by Tencent Holdings Ltd 0700.HK, merged.

In November, The Wall Street Journal and Financial Times reported that Alibaba is seeking to sell its stake in the firm.

Reporting by Paul Carsten; Editing by Sherry Jacob-Phillips