Chinese food delivery and restaurant review company Meituan Dianping is planning to raise $3 billion to $5 billion in fresh capital, Bloomberg News reported Aug. 2, citing people with direct knowledge of the matter.

Following the funding round, the Tencent Holdings Ltd.-backed company will likely be valued at $25 billion to $30 billion. Tencent will participate in the funding round, according to the report.

Formed in 2015 via the merger of Meituan.com and Dianping.com, the internet company also provides online purchase of groceries and movie tickets. It will use funds to compete with rival apps backed by Alibaba Group Holding Ltd.