The e-commerce giant Alibaba Group Holding Ltd plans to inject $1.25 billion in aShanghai-based food delivery service, Ele.me.
- With this move Alibaba is likely to acquire 7% stake in Ele.me, which will make it the biggest shareholder of the company.
Ele.me is a part of online-to-offline (O2O) services trend in China, where customers use their smartphones to order offline services.
- Earlier Ele.me raised $350 million from investors, including CITIC Private Equity, Tencent Holdings Ltd, JD.com Inc, Dianping and Sequoia Capital.
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