Alibaba Said to Invest in Tencent's Chinese Food Startup

  • Alibaba said to control Ele.me after $1.25 billion round
  • Funding said to value food-delivery service at $4.5 billion

China’s Ele.me, a food-delivery startup backed by Tencent Holdings Ltd., plans to close a funding round of at least $1.25 billion by as early as mid-February in a deal led by competitor Alibaba Group Holding Ltd., according to people with direct knowledge of the matter.

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