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Jun

22

Alibaba, Ant Invest $1 Billion in China Local Services Venture

By Tony Seruga

Alibaba Group Holding Ltd. and its finance affiliate each agreed to invest 3 billion yuan ($483 million) in a new venture targeting neighborhood services in China.

The Koubei venture with Zhejiang Ant Small & Micro Financial Services Group Co. will initially focus on the food and beverage sector, according to a statement. Both companies will provide capital and resources to drive the business.

The investment may breathe new life into Koubei, which previously operated through Taobao, Alibaba’s retail marketplace. It marks the Chinese companies’ latest attempt to expand in local services, where customers pay for laundry pickups and make restaurant bookings and hospital appointments in their neighborhood through smart devices…

Alibaba, Ant Invest $1 Billion in China Local Services Venture

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