Alibaba Escalates Attack on Meituan Ahead of Rival's IPO
- Softbank leads $3 billion funding round for Alibaba’s Ele.me
- Ele.me’s funding round announced as Meituan marches toward IPO
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Jack Ma is used to fighting on many battlefronts. Now he’s concentrating his firepower on being the last one standing in food-delivery and online services in China.
Ma’s Alibaba Group Holding Ltd. is merging its Ele.me and Koubei units and injecting it with more than $3 billion from a funding round led by SoftBank Group Corp. That will give it more ammunition to take on rival Meituan Dianping as it tries to seize control of China’s $1.3 trillion food delivery and online services industry.