Ctrip.com and affiliate Qunar.com are dumping their vacation rental business, and Tujia.com is swooping in to acquire those assets.
Tujia.com runs a short-term and vacation rental platform, and the deal will allow Tujia.com to takeover the teams at Ctrip.com and Qinar.com currently running this business.
None of the companies disclosed the terms of the deal, which means it probably had a small valuation and was structured as a share-swap deal. This means Qunar.com and Ctrip.com become strategic partners for Tujia.com going forward.
Ctrip previously invested in Tujia for four times. It injected US$14.6 million, US$36.7 million and US$75 million in Tujia in 2012, 2013 and 2014, respectively.
Ctrip invested in Tujia again in 2015 as part of Tujia's US$300 million series D and D+ rounds, but did not disclose how much it put in.
After the last round, Ctrip no longer held control of Tujia, according to its disclosure filings, supposedly to give Tujia more space to grow independently.
In August, Tujia last completed US$300 million series D and D+ rounds led by All-Stars Investment Ltd., with participation from the Ascott Limited, Ctrip, HomeAway, Inc., Lightspeed Venture Partners, GGV Capital, CDH Investments, China Broadband Capital, and Qiming Venture Partners.