Alibaba raised $3 billion to further invest in popular Chinese food-delivery service Ele.me.
The e-commerce giant announced earlier this month that Ele.me will start delivering Starbucks to customers beginning in September.
Investments in Ele.me may weigh on Alibaba’s bottom line but will increase top line results, said a team of Jefferies analysts.
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Alibaba is aggressively investing in popular Chinese food-delivery service Ele.me with the hopes of expanding its reach into consumer-wallet spending beyond e-commerce.
The Chinese e-commerce giant said Thursday that it has raised $3 billion to further invest in Ele.me and will merge the online food-delivery unit with Koubei, a life search engine, to build its flagship local services vehicle. In May, Alibaba completed its acquisition of Ele.me, which has an enterprise value of $9.5 billion, with the purpose of winning 50% market share in three year’s time. See the rest of the story at Business Insider
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