Alibaba Group’s newly formed on-demand online services unit has rocketed in value to as much as $30 billion after raising $4 billion in fresh funds.
Alibaba combined the operation of food delivery service Ele.me and online restaurant guide business Koubei under a single management team and holding vehicle in October. It announced a fundraising plan for the vehicle in August.
In a deal in April where Alibaba bought the shares it did not already own, Ele.me was valued at $9.5 billion. Koubei was worth $8 billion at the end of last year, according to a list of unicorns published in March by a unit under China’s science and technology ministry.