Chinese online grocery delivery firm Dada-JD Daojia claims to have raised US$500m from US retailer Walmart and Chinese online marketplace JD.com, according to news site CNBC.
Dada-JD Daojia was formed when JD Daojia, which is JD.com’s grocery delivery business, merged with Dada Nexus, a crowd-sourcing delivery platform in China with operations in 400 cities.
Earlier this year, Walmart opened its first small high-tech supermarket in China where customers use smartphones to pay for items available through the JD.com website.
JD.com also has the backing of other global tech firms including Google, as well as Chinese tech company Tencent, which operates the country’s largest social messaging platform WeChat. As a result, JD.com is able to sell items via the WeChat app.
To read more from the CNBC news report, click here.