Alipay invests US$15m in Chope, with partnership for F&B digitalisation

Singapore

CHINESE payments giant Alipay, under Ant Group, has made a US$15 million equity investment in Chope, the Singapore-based restaurant-booking platform.

The funding is part of a wider strategic partnership in which Alipay is providing Chope with technology, know-how and access to partners, the startup's chief executive Arrif Ziaudeen told The Business Times.

"This will enable Chope's growth and expansion plans in the region. The commitment and resources that Alipay provides will do much in driving speed and scalability in Chope's vision to digitise Asia's F&B industry.

"We see this moment as not only a big milestone for Chope, but also a major signal for the region's startup ecosystem as well," he said.

Alipay's partnership with Chope is "committed and long-term", said Cherry Huang, the e-wallet operator's general manager for global merchant partnership in South and South-east Asia.

"The intent behind this strategic partnership is for both parties to leverage each other's strengths to be able to really make a difference for the F&B industry, as it rebuilds itself post-Covid," she said.

"Chope is the obvious partner of choice as it has the leading restaurant technology and team in this industry, and provides access to a vast network of F&B partners, many of them SMEs deeply in need of digital solutions."

Under the partnership, Alipay will provide Chope with its "mini program" service, which allows other businesses to integrate into the Chope app. This allows F&B operators to access Chope's users, while also tapping Alipay's technology.

By working with Alipay on an open "mini program" ecosystem, Chope aims to "do with Asia's giant foodservice industry what e-commerce has done with shopping", said Mr Ziaudeen.

Founded in 2011, Chope operates in seven cities: Singapore, Hong Kong, Bangkok, Phuket, Shanghai, Bali and Jakarta. According to data portal VentureCap Insights, the startup was valued at US$100.2 million, after raising US$27 million in Series E funding from investors including Square Peg Capital and Singha Ventures.

Ant Group is said to have backed a number of other South-east Asian startups, mainly in fintech, such as Indonesia's Akulaku and Dana. It also entered a strategic agreement to invest in Myanmar's Wave Money last year, but the long-stop date for the proposed transaction has since lapsed. (see amendment note)

Amendment note: This story originally indicated that Ant Group is said to have invested in Myanmar's Wave Money. However, the long-stop date has lapsed.