The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China July 20, 2018. REUTERS/Aly Song/Files
Alibaba Group plans to merge its food delivery units and raise funds for the combined business, intensifying a battle with Tencent-backed Meituan Dianping for dominance of China's booming on-demand services market, said sources.
The Alibaba units to be merged include food delivery platform Ele.me and food and lifestyle services firm Koubei, the people said. Alibaba is looking to raise between US$3bil (RM12bil) and US$5bil (RM20bil) for the combined entity, said one source. The entity could be valued at up to US$25 (RM101bil), said another.
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