Rumor: Alibaba's Koubei Soliciting Up to USD 2 Bln Funding
Jiemian.com, 4/10/16
Chinese e-commerce conglomerate Alibaba Group's (NYSE: BABA) online and mobile local life service platform Koubei is reportedly soliciting new funding in the RMB 1.5 bln to RMB 2 bln range, according to online industry media outlet Jiemian.com, citing source close to the matter. Koubei has reportedly already reached preliminary investment agreements with multiple institutional investors and food business groups.
Following Alibaba's investment in Shanghai-based Rajax Information Technology, operator of online restaurant takeout delivery platform Ele.me, Koubei's takeout delivery services will be merged into Ele.me to reduce overlap between the services, said the source. Koubei will be responsible for the local life services business such as in-store consumer business.
The source cited by Jiemian.com said that Sichuan-based direct-sale catering chain Haidilao Catering has already agreed to participate in the funding round.
Editor's Note: For more information on this topic, please see "Restaurant Chain 'Xibei' Abandons Plan to Invest in Alibaba's Koubei," MD 12/18/15 and "Alibaba's Koubei Reaches 7.5 Mln Single-day Orders," MD 4/07/16 issues.
Keywords: Internet funding Koubei Alibaba Group Ele.me local life Rajax BABA M&A food O2O
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