Unicorns 8/229 – Meituan-Dianping
Founder: Wang Xing
Meituan.com (Chinese: 美团网; pinyin: Mĕituánwǎng) is a Chinese group buying website for locally found consumer products and retail services. The company is headquartered in Beijing and was founded in 2010 by Wang Xing. The Meituan.com offers deals of the day by selling vouchers on local services and entertainment. As of May 2014 the company has 5000 employees.
In 2015, it merged with Dianping, a Chinese group buying site to become “Meituan-Dianping”.
Meituan-Dianping is the world’s largest online and On-demand delivery platform, reaching up to 10 million daily orders and deliveries, doubling from 5 million to 10 million just within six months period (Oct 2016 – Mar 2017). It has over 180 million monthly active users and 600 million registered users as of June 2016.
In 2017, Meituan-Dianping announced that it will be creating a ride-hailing service (similar to Didi Chuxing) of its own.
Piloted in Shanghai and Beijing, the Metiuan had rapidly expanded to second-tier and third-tier cities, totalling 200 million users in 2015. The Meituan.com became a dominating company in China after a rapid consolidation of the deal-of-the-day companies. Earlier estimates show that there were 2000 voucher selling companies in the mid 2000s and due to intense competition in the industry only a few have emerged as dominant players. In 2014 it accounted for 60% of the market share of deal-of-the-day group-buying websites in China. The company received initial funding of $12 million from Sequoia Capital. In May 2014, global growth equity firm General Atlantic led a $300 million series C funding round with two other investors. On October 8, 2015, Meituan and Dianping, a Chinese group buying site, became one company. On January 19, 2016, Meituan Dianping announced that it has raised more than $3.3 billion.