China’s largest retailer Alibaba Group Holding Ltd said it has joined SoftBank to commit over US$3 billion in its newly established company that holds food delivery service unit Ele.me and Koubei, a local services platform focusing on in-store consumption, according to its quarterly earning released yesterday. “Our plan is to aggressively invest in these businesses to gain market share and execute deep integration into the ecosystem of Alibaba service offerings, such as incorporating local services users into our new 88VIP, …

Alibaba, SoftBank Inject Over $3B In Local Services Units Ele.me And Koubei appeared first on China Money Network.