The prospective deal would involve Alibaba buying out the food delivery platform's other backers, including Baidu, Tencent and JD.com, at a $9.5bn valuation.
E-commerce group Alibaba could fully acquire Ele.me, the China-based food delivery service in which it already owns a substantial stake, Bloomberg reported yesterday, citing a person familiar with the matter.
Alibaba reportedly invested $1bn in Ele.me May 2017 at a valuation of $5.5bn to $6bn, increasing its share to 23% and Ele.me’s overall funding to approximately $3.35bn in the process.
The firm plans to buy out Ele.me’s other shareholders, which include Tencent, fellow internet group Baidu and e-commerce company…
