Chinese online grocery and delivery company Dada-JD Daojia has raised 500 million U.S. dollars from U.S. retailer Walmart Inc and Chinese e-commerce firm JD, China Daily reported Friday.
In the latest round of financing for Dada-JD Daojia, Walmart invested 319 million dollars while JD invested 181 million dollars, according to the report.
The online grocer, which is partly owned by JD, will "deepen its partnership with leading retail partners and improve supply chain efficiency via technology" after this round of fundraising, the report said.
Dada-JD Daojia comprises two businesses. Dada is an on-demand logistics platform with operations covering more than 400 major cities across China. JD Daojia has 20 million monthly active users in around 40 major cities across China and provides an one-hour delivery service through partnering with retail stores.
Online spending has expanded fast in China, with retail sales surging 30.1 percent year on year to reach 4.1 trillion yuan (603 billion U.S. dollar) in the first half of this year, official data showed.
