Alibaba in­vests in food-de­liv­ery startup

New Straits Times - - Business -

HONG KONG: Alibaba Group Hold­ing Ltd and its fi­nan­cial ser­vices af­fil­i­ate plan to lead an in­vest­ment round of at least US$1 bil­lion (RM4.27 bil­lion) in Ele.me, one of the largest play­ers in a crowded Chi­nese food-de­liv­ery ser­vice arena. The fi­nanc­ing from Alibaba and Ant Fi­nan­cial will value Ele.me at US$6 bil­lion and help it com­pete with a ri­val ser­vice backed by Ten­cent Hold­ings Ltd. Alibaba is vy­ing for supremacy with the Ten­cent-backed startup, Meituan Dian­ping, in a lo­cal ser­vices in­dus­try primed for growth.

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