Walmart has completed its increased investment in Chinese ecommerce business Yihaodian, taking its stake to 51 per cent.

Walmart’s funds injection will help Yihaodian continue its growth, and better positions Walmart to serve Chinese customers through ecommerce. Launched in July 2008, Yihaodian has been growing at a rapid pace in line with China’s ecommerce market, which is expected to be nearly as large as that of the US by 2016.

Yihaodian already has 24 million registered users, and offers same-day delivery to customers in Beijing, Guangzhou and Shanghai, and next-day delivery to customers in over 100 cities in China.

“China represents a very important part of Walmart’s global investment in ecommerce, and we appreciate the strong support and cooperation we received from the Chinese government. This investment demonstrates we are committed to the development of ecommerce in China and bringing the best possible shopping experience to Chinese customers,” said Neil Ashe, president and CEO of Walmart global ecommerce.

Yihaodian’s commitment to providing service to the customers, strong management team and solid competence in distribution are what made the company attractive to invest in, says Ashe.

“Together we will focus on serving an emerging middle class in China,” he added.

Yihaodian co-founder and chairman Gang Yu believes that through the strategic relationship with Walmart, Yihaodian will be able to leverage its insights and expertise to further advance network and excel even more rapidly.

GB