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Alibaba to lead $1bn funding for food delivery startup — RT Business

E-commerce giant Alibaba and its financial services affiliate plan to lead an investment round of at least $1 billion in a Chinese food delivery service, sources told Bloomberg. According to people familiar with the matter, the financing will value startup Ele.me at $5.5-$6 billion. It will also help to compete with firms like Meituan-Dianping for […]

E-commerce giant Alibaba and its financial services affiliate plan to lead an investment round of at least $1 billion in a Chinese food delivery service, sources told Bloomberg. According to people familiar with the matter, the financing will value startup Ele.me at $5.5-$6 billion. It will also help to compete with firms like Meituan-Dianping for the massive Chinese market.

Source: Alibaba to lead $1bn funding for food delivery startup — RT Business

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