After a lively explosion a couple years ago, most of China’s group buy sites have long since died out. But Meituan, which has been a top player in the sector for quite a while now, is still going strong, and approaching a new landmark. On his weibo account yesterday, Meituan product manager Shen Peng revealed that the company’s monthly transaction total exceeded 980 million RMB in April ($155 million). Given the company’s growth rate (it broke 600 million RMB/month for the first time in November of 2012), it will likely break the one billion RMB mark in May.
Of course, handling a billion RMB in transactions doesn’t mean the company sees nearly that much in profits or even revenue. But it does indicate that as the daily deals market continues to consolidate, Meituan is gaining ground rather than losing it. That’s important, given that founder Wang Xing has set his sights on breaking the hundred billion mark in yearly transactions by the year 2015.
(via Sina Tech)