Meituan.com

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Meituan
File:Screenshot of Meituan's home page.jpg
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Screenshot as of February 2015
Type Private company
Founded May 2010 (2010-05)
Headquarters Beijing, P. R. China
No. of locations 1000+
Area served China
Founder(s) Wang Xing
Industry Internet company
Services voucher selling
Revenue 6.42 Billion USD
Employees 19,000
Website http://www.meituan.com/
Alexa rank Decrease 1078 (March 2015)[1]
Launched 29 March 2009
Current status Active

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 Xing Wang. 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.[2]

Company

Meituan.com is a group-discount website which sells vouchers from merchants for deals, subject to a minimum number of buyers who demand a discount, from which Meituan generates commissions.[2] Meituan.com generates most of its revenue from mobile application services. The company has partnering agreements with over 400,000 Chinese local businesses. Meituan accounts for the largest market share by revenue, followed by Lashou, 55tuan and 58tuan [2][3]

History

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.[4] 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.[5][6][7][8] On October 8, 2015, Meituan and Dianping, a Chinese group buying site, became one company.[9] On January 19, 2016, Meituan Dianping announced that it has raised more than $3.3 billion.[10]

Management and administration

The company is headquartered in Beijing and was founded in 2010 by Xing Wang.[11] Mr Wang is amongst founders of the Friendster, Xiaonei and Lashou.[4] Prior to starting Meituan.com, Mr. Wang has founded companies based on business models of the existing American internet companies, namely Facebook, Twitter and alike.[4]

References

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External links

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  • ↑ Liu, Yi, and Juliana Sutanto. "Buyers' purchasing time and herd behavior on deal-of-the-day group buying websites." Electronic Markets 22.2 (2012): 83-93
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