Alibaba Buys Food Delivery Firm At $9.5B

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A Chinese multinational e-commerce giant, Alibaba seeking to dive deeper into the food industry as it announced to buy online food delivery company at $9.5 billion which is included on China Money Network’s China Unicorn Ranking.

The source’s information stated that the e-commerce giant currently own approximately 43% of the outstanding voting shares of invested $1.25 billion in the company in 2016. The acquisition will benefit both and will turn’s further integration into Alibaba’s ecosystem.

Chief Executive Officer of Alibaba Group, Daniel Zhang said, “We are excited for to become a part of the Alibaba ecosystem.” Further, he said, “ can leverage Alibaba’s infrastructure in commerce and find new synergies with Alibaba’s diverse businesses to add further momentum to the New Retail initiative.” is the latest boost to Alibaba’s new retail initiative. Company executives imagine a future where customers visit retail facades, however, put arranges through cell phones, with buys being sent to their doorsteps inside 30 minutes so they don’t need to convey packs somewhere else.

The acquisition between Alibaba and comes as rival tech giant Tencent is gearing up its own retail push, mainly focused on social media and gaming. Tencent competes with Alibaba for retail partnerships.

Founder of, Zhang Xuhao said, “This acquisition shows that we have built into one of China’s most valuable internet businesses.” Further, Zhang Xuhao added, “We share the same strategic vision that New Retail has a bright future and being part of Alibaba’s ecosystem will take’s growth to a new level.”

Vice president of Alibaba Group, Wang Lei will act as chief executive of Since 2003, he worked with Alibaba and held several senior positions.