Alibaba is in talks to acquire Ele.me in a deal that could value the online food delivery start-up at up to $9.5bn as China’s tech titans battle it out for dominance of the sector.
Alibaba and rival Tencent, each with an equity value of more than $500bn, have kicked off the year with aggressive buying sprees as they take each other on in ecommerce, payments, food delivery and other services.
While they began life with clearly defined turfs — Alibaba in ecommerce and Tencent in social media — both are evolving into tech conglomerates dominating many aspects of life, some of which have been ceded by traditional companies.
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