Originally established as a travel forum in 2010, Mafengwo has since become a platform that operates an online travel agency and an e-commerce portal that carries travel-related merchandise. It also publishes popular editorial content for domestic and outbound Chinese travelers.

In December 2017, the company closed its Series D round with USD 133 million, according to Crunchbase. The firm also changed its name, replacing the original “Ma,” meaning “ants,” with a homonym that means “horse,” pointing to Mafengwo’s ambitions to grow larger.