Alibaba To Take Controlling Stake In Ele.me: Report

Alibaba is set to invest $1.25 billion USD into China’s most heavily funded online food delivery service, Ele.me, according to a report from local business weekly, Caixin, on Friday

Alibaba will become the company’s biggest shareholder, taking on a 27.7 percent stake, according to unnamed sources cited by the report.

The potential deal would cap off a year of high-stakes investment in the on-demand industry for Alibaba. It’s also the latest merger of interests between Alibaba and long-time rival Tencent. The gaming and social giant contributed to a $350 million USD injection into Ele.me, announced this August.

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