Alibaba raises $3bn for Chinese food delivery service 

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SoftBank has lead a $3bn (£2.3bn) funding round into Ele.me, the food delivery division of Chinese technology company Alibaba.

Alibaba will merge the Ele.me delivery unit with Koubei, which focuses on connecting restaurants to the internet.

China’s food delivery market is expected to be worth up to 1.3tn Chinese yuan (£150bn) by 2021, according to market research company Mintel.

“As a result of this reorganization, subject to closing conditions, we will consolidate Koubei, which would result in a material one-off revaluation gain when the transaction closes,” Alibaba said.

On Thursday, Alibaba reported lower profits than analysts expected. 

It is unclear if SoftBank’s investment into Alibaba’s…

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