Deals
This Little-Known Startup Just Hit a Valuation of $30 Billion
- Meituan raised $4 billion at world’s fourth highest valuation
- It’s a mashup of Groupon, Yelp, Fandango and Foodpanda
A delivery driver for Meituan Waimai is waiting for red light in Jilin province, China.
Photographer: Zhang Peng/LightRocket via Getty ImagesThis article is for subscribers only.
China’s Meituan Dianping just became the world’s fourth-most valuable startup, reaching a $30 billion valuation that puts it ahead of high-fliers like Airbnb Inc. and Space X.
Never heard of Meituan? You’re not alone. The Beijing-based company, led by Wang Xing, is almost unknown beyond its home country. It delivers food to people’s homes, sells groceries and movie tickets, provides reviews of restaurants, and markets discounts to consumers who buy in groups. It’s a sort of mashup of Groupon, Yelp, Foodpanda and Uber Eats.