Alibaba Heats Up Food Delivery With Reported $1B Investment

E-Commerce giant Alibaba Group Holdings will reportedly pour in at least $1 billion as a leading investor in Ele.me, one of the largest players in the crowded Chinese food delivery market. Financing from Alibaba and its financial services affiliate Ant Financial will value Ele.me at $5.5 to $6 billion, according to sources quoted by Bloomberg.

The influx of cash would help Ele.me compete with Meituan-Dianping, a rival food delivery…