Alibaba, Ant Financial in $1.25b food delivery bet

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

Alibaba, Ant Financial in $1.25b food delivery bet, a Chinese food delivery startup already backed by Tencent and, 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 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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