Chinese online platform Tujia.com has announced its acquisition of smaller local rival Mayi.com. Tujia's latest acquisition is part of an ongoing trend of consolidation deals among major Chinese tech companies.

Tujia.com is commonly referred to as China's version of Airbnb, an online marketplace for users looking for a vacation home. Tujia did not reveal how much it paid to acquire Mayi. However, Tujia's worth crossed the $1 billion mark following the company's latest round of fundraising.

Like Us on Facebook

As part of the deal, local information website 58.com, which previously owned a majority of Mayi's stakes, will have a minority stake in Tujia. The deal has been confirmed by both Mayi.com and 58.com on WeChat.

The Chairman and Chief Executive Officer of 58.com Jinbo Yao said in a statement that "Mayi's focus on consumer-to-consumer short-term rentals in tier 1 and 2 Chinese cities highly complements Tujia's strength in tourist-destination cities."

Following the recent acquisition deal, 58.com and Tujia will form a bigger strategic shareholders group that will include Homeaway and Ctrip.

Tujia was launched in December 2011. The company is an outlet for users looking to book global apartments and shared accommodations. The company claims that it has more than 410,000 accommodation listings on its website covering about 329 cities in China and more than 1,000 international destinations.

Tujia was able to raise $300 million in its latest series of D and D+ fundraising led by All-Stars Investment Limited. Some of the company's partners are Ascott Limited, Ctrip, Homeaway, Lightspeed Venture Partners, CDH Investments, GGV Capital, Qiming Venture Partners, and China Broadband Capital.

Tujia joined the so-called Unicorn Club, an unofficial title bestowed to tech companies that have at least $1 billion in valuation

On the other hand, Mayi.com was founded in November 2011 by Ganji.com. The company was acquired by 58.com in April 2015.

TagsTujia, Tujia news, Tujia service, Mayi, Mayi service