Alibaba, Ant Financial in $1.25b food delivery bet

Alibaba and its affiliate are set to become the biggest shareholders in Ele.me, as the battle for control of China's O2O space intensifies.

Alibaba, Ant Financial in $1.25b food delivery bet

Ele.me, a Chinese food delivery startup already backed by Tencent and JD.com, has raised a further $1.25 billion from Alibaba and Ant Financial, as competition for control of the country’s fast-growing online-to-offline business sector intensifies.

As a result of the deal announced by Ele.me on Wednesday, Alibaba and Ant Financial will have a combined stake of 27.7%, valuing the seven year-old startup at about $4.5 billion and making them its biggest shareholders, two...

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