Chinese online travel agency 17u raises $82.5 million
The Suzhou-based online travel agency, which also known as TongCheng, will use the new fund to expand its domestic and international holiday package division, attraction ticket service and mobile offerings.
The company’s services include online ticket sales for flights, hotels, attraction tickets and car rentals. In its Q4 2013 earnings call, Ctrip announced that its local attraction ticket business grew by 10x YOY and it is also planning to invest additional resources to expand it.
17u’s hotel inventory is listed in Alibaba’s new hotel metasearch service Etao, and for its attraction ticket business it has established partnership with Guangzhou-based online attraction service provider Yikuaiqu.
A local media reports that the goal of 17u is to launch an IPO.
In 2008, 17u attracted $5.7 million investment from Oriza Holdings in Series A.
In 2012, Tencent invested tens of millions in Series B round, and this led to 17u establishing partnership with Tencent’s travel division – travel.qq.com.
Karthick was general manager for Tnooz in Asia until September 2014.