China Airbnb rival Xiaozhu.com raises nearly US$300mil from Jack Ma fund

FILE PHOTO: Chen Chi, China short-term rental firm Xiaozhu.com's chief executive and co-founder, poses for pictures at company's headquarters in Beijing, China November 1, 2017. REUTERS/Elias Glenn/File Photo

BEIJING: Chinese short-term rental firm Xiaozhu.com said on Wednesday it has raised nearly US$300mil (RM1.24bil) in a funding round led by Jack Ma's Yunfeng Capital, amid fierce competition from U.S. giant Airbnb Inc and local rival Tujia.com.

The company did not disclose its new valuation but said in November 2017 that it was worth more than US$1bil (RM4.15bil) after closing a US$120mil (RM498.48mil) round, also led by Yunfeng Capital.