Baidu has sold its food delivery service Waimai to food delivery company Ele.me for a reported $800m, retaining a small stake in the venture.
Waimai, the food delivery service launched by China-based internet company Baidu, has been acquired by Rajax, the operator of food delivery company Ele.me.
Baidu will own a small stake in the business going forward. The transaction reportedly valued Waimai at approximately $800m, according to TechCrunch, though the company was estimated to be worth as much as $2.5bn last year.
Waimai is expected to continue operations as an independent entity and staff are set to remain with the company.
Baidu said…
