Meituan raises $700 million

China's leading group-buying site metituan.com, backed by the country's e-commerce giant Alibaba Group, has completed a new round of fundraising worth $700 million, which takes the value of the site to $7 billion, meituan.com said in its official Weibo Sunday.

The post did not name the investors. This is not the first fundraising carried out by Meituan as it mounts a challenge to strong domestic competitors such as dianping.com, which is supported by Tencent Holdings, and nuomi.com, owned by Baidu.

In July 2011, a consortium led by Alibaba invested $50 million into Meituan. And In May 2014, Meituan said it got another $300 million from a group led by global private equity firm General Atlantic.