Chinese e-commerce giant Alibaba Group said on Sunday it would buy all shares that it does not already own in food delivery platform

The deal implies an enterprise value of $9.5 billion for, Alibaba said in a statement., which roughly translates as “Hungry?”, is part of a fast-growing — though fiercely competitive — market in China being driven by consumers eager to make purchases on their smartphones, from groceries to cinema tickets.

Currently, Alibaba and its affiliate Ant Small and Micro Financial Services Group own about 43 percent of the outstanding voting shares of, according to the statement.