Crowded service: Alibaba is vying for supremacy with the Tencent-backed startup, Meituan Dianping, in a local services industry primed for growth as people turn to their smartphones or the web to order food, schedule beauty treatments and hire domestic helpers. – Reuters
HONG KONG: Alibaba Group Holding Ltd and its financial services affiliate plan to lead an investment round of at least US$1bil in Ele.me, one of the largest players in a crowded Chinese food-delivery service arena, people familiar with the matter say.
The financing from Alibaba and Ant Financial will value Ele.me at US$5.5bil to US$6bil and help it compete with a rival service backed by Tencent Holdings Ltd, the people said, requesting not to be named because the matter is private.
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