Wal-Mart to invest US$50m in New Dada
Print Edition
WAL-MART Stores Inc will invest US$50 million in Chinese online grocery and delivery crowdsourcing platform New Dada as the US giant expands its tie-up with local online players to tap consumers who are shifting toward online retailers.
The investment in New Dada, which is part-owned by JD.com, would also deepen collaboration between Wal-Mart and JD.com. Wal-Mart earlier this year sold its subsidiary, Shanghai-based online retailer Yihaodian, for a minority stake in JD.com.
“We look forward to deepening our cooperation with Wal-Mart as China’s O2O (online-to-offline) retail industry continues to evolve and grow,” said Philip Kuai, CEO of New Dada.
Earlier this week, Wal-Mart, which has 426 stores in nearly 170 Chinese cities, said it would launch exclusive Sam’s Club and Global Imports stores on JD.com and a two-hour grocery delivery service for orders placed on JD.com dispatched by New Dada.
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