17u.cn Gains CNY500 Million Investment To Grow Chinese Internet Travel Business
Chinese tourism booking platform 17u.cn announced that the company has received a CNY500 million investment from Tencent, Boyu Capital, and Oriza Holdings.
According to 17u.cn, the company still maintains the controlling stake after receiving the investment and the company still aims at an independent IPO in the future.
Wu Zhixiang, chief executive officer of 17u.cn, revealed that the company will use the funds to enhance the development of attraction tickets and traveling in surrounding areas, aiming to become the top one in the Chinese leisure tourism market. Meanwhile, it will deploy services in the domestic traveling, outbound traveling, and mobile sectors.
Founded in 2004, 17u.cn has completed many rounds of financing. In 2006, Wu participated in an entrepreneurship competition and won a CNY5 million venture fund award. In 2008, the company gained CNY15 million in venture capital. In May 2012, it gained more investment from Tencent and announced plans to launch an IPO.