China’s Airbnb Platform Tujia.Com Raises $300M Series E Round At $1.5B Valuation
Summary
Chinese short-term vacation home rental platform Tujia.com has completed a US$300 million series E round at a valuation of over US$1.5 billion. "The change in Chinese attitudes toward consumption has been accompanied by the continuous improvement of short-term alternative accommodation products. The domestic e-accommodation sharing market resembles Airbnb and similar enterprises in its rapid growth, becoming in just a short time an essential part of the travel accommodation industry," said Ctrip’s co-founder and executive chairman of the board, James Liang, in the announcement. With its Tujia Mansion project, the firm saw growing demand for high-end accommodations in villas where night price averages at around RMB3,000 (US$453). As of August 2017, Tujia’s app has been downloaded by over 180 million users, with several hundred thousand customers making booking inquiries every day, the company said.