Alibaba Confirms Huge $1.25bn Investment in

Alibaba have just confirmed a whopping $1.25 billion investment in, a leading food delivery service in China, just a week after dropping a ton of money on a deal with Rocket Internet’s Lazada.

Alibaba invested $900 million in the Shanghai-based company, with Ant Financial providing the rest of the cash. First reported back in December 2015, the deal increases Alibaba’s efforts in ‘online to offline’ – this means the company will be able to provide traditional retailers with access to internet and mobile, allowing them to further engage with customers.

For the time being, remains an independent company, though Alibaba exec vice chairman Joe Tsai has joined the company’s board. Tsai is part of the Magic Leap board after Alibaba led a recent investment in the billion-dollar augmented reality company.

Harriet Stanford

About Harriet Stanford

Harriet Stanford recently graduated with a degree in English Literature and has since used her linguistic prowess to great effect in the marketing world. Harriet is an avid writer, reader and consumer of cake. When she’s not promoting M247, you can find her exploring museums, art galleries and new dance moves.

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