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Alibaba to Lead $1 Billion Funding for Chinese Food Startup

  • Ele.me said to be valued at $5.5 billion to $6 billion
  • The Chinese food delivery service competes with Meituan
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Alibaba Said to Back Chinese Food Startup

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Alibaba Group Holding Ltd. and its financial services affiliate plan to lead an investment round of at least $1 billion 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 $5.5 billion to $6 billion 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.