Ele.me receives over $1 billion in funding

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According to the China Internet Network Information Centre, China’s food delivery sector is the country’s fastest growing sector of all mobile apps, with around 150 million people ordering online. Leading the pack in the food delivery space is Ele.me, which delivers food from 300,000 restaurants in more than 260 cities. Last week, Ele.me secured over $1 billion in funding from Alibaba and Ant Financial in a deal that valued the company at $6 billion. According to sources, the funding will help Ele.me compete with its biggest rival, Meituan Dianping, which is heavily backed by Alibaba’s biggest competitor Tencent. Tencent holds a minor stake in Ele.me. The Ele.me investment indicates that the Chinese venture capital market remains vibrant despite the country’s economic slowdown.

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