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Asia300

Alibaba bets billions on China's top food delivery app

Deal puts $9.5bn value on company controlling half of domestic market

Ele.me controls more than half of China's $30 billion takeout delivery market.   © Reuters

DALIAN, China -- Alibaba Group Holding will convert China's largest online meal delivery company into a full subsidiary, the e-commerce operator said Monday, acquiring the remaining shares for around $5 billion.

Alibaba already owns 43% of Ele.me, whose name plays on a Chinese phrase for "hungry yet?" The deal would value the startup, officially known as Shanghai Lazhasi Information Technology, at $9.5 billion.

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