Customized travel platform Uthing has completed a B Series financing and raised funding to the tune of RMB100 million. Its CEO Songtao Jiang has confirmed that the startup’s market valuation has reached one billion RMB after this round of financing. As the platform has already broken even, this latest financing will ensure a long period of stable growth for Uthing. At the same time it is also seeking acquisition opportunities.
Uthing's app
Uthing is an online platform that offers customized travel products to mid-upper class users. On the one hand it offers customized service with its resources and travel consultants, in a similar fashion as traditional customized tour operators. On the other hand it leverages the internet to connect destination experts with users, in a C2C format. The experts will design itineraries, introduce special products and act as guides.
Although Uthing’s targeted group of high-net worth users is relatively small, the company is growing rapidly in operational scale, pace of financing and market valuation. Mr. Jiang is confident of the size of the niche and the consumption power of his target audience. At the same time, Uthing is also extending to downstream services such as visa applications, independent travel products and individual destinations products. These services help it expand its user base and increase its operational revenues at a relatively low cost.
Mr Jiang said Uthing has around 1,000 experts listed on the platform. They either offer information or directly produce original tourism products or act as local guides. Uthing currently keeps its suppliers at a manageable number of just over 1,000 businesses.
Domestically, Uthing’s has also started to form partnerships with popular domestic tourism destinations to make tour guide teams. These expert guides will receive training and certifications from Uthing and its local tour operator partners and will work as highly flexible Uthing employees
Uthing has already opened branches in Shanghai and Shenzhen and has set up its distribution points in Chengdu and Xian. It will also complete upgrades on its website by the end of the year and with more elements of sharing economy.(Translation by David)
