Beijing-based startup Meituan, an online deals marketplace backed by e-commerce giant Alibaba, is said to be raising US$1 billion at a US$15 billion valuation, The Wall Street Journal has reported, citing people familiar with the company.

Until now, Meituan has been valued at US$7 billion on funding totalling about US$1 billion, the most recent of which was a US$700 million Series D round in January this year.

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Existing investors from the January round include Beijing-based investment firm Hillhouse Capital Group and Fidelity Management & Research Co. Hillhouse was reported to be leading a US$1 billion investment round into Uber at the end of June as the ride-hailing app ramps up for an IPO.

Meituan’s other notable backers include Sequoia Capital China, Boyu Capital, and General Atlantic Inc.

The ability of startups to raise capital in China in future is this week being questioned as the country’s stock market faces woes. But giants like Meituan are less likely to be affected.

The startup, founded in 2010, now claims 200 million active users with operations across 1,000 Chinese cities and saw about US$7.4 billion in transactions on its platform last year.

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