China’s popular daily coupon website, Lashou.com, has announced it has raised $110 million in a third round of funding. Milestone Capital and a number of other investment firms have brought Lashou Network Technology Co. into tight competition in the increasingly crowded Chinese group-buying market.
Even though Lashou was only founded a year ago, its total venture capital value now stands at around $1.1 billion, which gives it more funds than other group buying companies in China. Richard Lim, a managing director of GSR Ventures said that Lashou has grown faster than Groupon, the world’s leading group-buying site which entered China earlier this year.
We won’t be surprised to see fierce competition among Chinese group-buying companies in the future, as share prices are soaring high and the competition for mindshare with Taobao, Meituan, and Groupon.cn grows more intense.
On a related sidenote, we also reported last week that Lashou was one of many group-buying sites that has partnered with Shanda Interactive to show deals in its new Tuanyouhui group buy directory.
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