Qunar.com receives $15 mln in third round funding
Beijing. November 13. INTERFAX - Travel service Web site Qunar.com has received an aggregate $15 million in investments from Granite Global Capital, Mayfield Fund, GSR Ventures and Tenaya Capital during its third round of financing, according to a Nov. 12 Qunar announcement.
Zhuang Chenchao, Qunar's president, said that the investment will be used towards branding, market expansion, sales and promotion. The company has plans to list on either the New York or Hong Kong Stock Exchange by 2011.
Qunar received its first-round of venture capital funding worth $2 million in 2005 from GSR Ventures and Mayfield Fund and second-round funding of $10 million from Lehman Brothers Private Equity Partners Ltd. and a number of smaller funds.
Qunar was founded in May 2005 and provides comprehensive travel-related services.