Alibaba’s hunger for 27.7% of Ele.me
Print Edition
CHINESE online food-delivery service company Ele.me has raised US$1.25 billion from Alibaba Group Holding and its Internet finance arm Ant Financial, both parties said in separate statements yesterday.
Alibaba has invested US$900 million while Ant Financial has invested US$350 million, Ele.me said in a statement on its official Weibo microblog.
Alibaba confirmed the investment in an e-mailed statement.
The investments will help bolster Ele.me’s position in a fiercely competitive online food delivery market, where it faces deep-pocketed rivals including Baidu Inc, Meituan-Dianping and Alibaba’s own platform Koubei.
Neither Ele.me nor Alibaba gave further details on the deal or said what stakes Alibaba and Ant Financial would receive.
Business weekly Caixin said in December that Alibaba would invest US$1.25 billion in the food-delivery firm for a 27.7 percent stake.
Ele.me, which roughly translates as “Hungry Now?,” is part of a trend in China for what is known as online-to-offline services. These include taxi hailing and restaurant review apps that link smartphone users with offline businesses.
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