Alibaba reportedly plans to lead a huge $1 billion investment into a food delivery startup (BABA)
|05/26/2017||Posted by BusinessMediaguide.Com under General World News||
Alibaba is planning to lead a $1 billion (£770 million) investment into food delivery service Ele.me, Bloomberg reports, citing sources familiar with the matter.
The funding will reportedly give Ele.me a valuation of $5.5 billion (£4.27 billion) to $6 billion ($4.66 billion), possibly making it the most valuable company of its kind in the world.
Ele.me is one of the biggest companies operating in China’s busy food delivery market, which is itself enormous due to the sheer number of people in the country.
While relatively few companies in the space are turning a profit, tech giants such as Amazon read more >>>