Gaopeng gets new financing

Source:Global Times Published: 2013-7-24 23:38:01

Group-buying website gaopeng.com, Groupon's China venture, announced Wednesday that it gained a new round of financing from its initial shareholders Groupon and Tencent Holdings, making it the only group-buying site to gain new capital after a large number of similar sites closed amid fierce and chaotic competition. 

Gaopeng did not disclose the detailed amount of the financial support.

According to a Wednesday report from domestic technology news portal tech.qq.com, the financing will likely surpass $30 million. 

Monthly sales revenues for gaopeng.com exceed 200 million yuan ($32.6 million), nearly enough to make a profit, according to the company's CEO Lin Ning.

The group-buying website is expected to work with WeChat to accept payments through mobile communication and private social networking applications in August.



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