Wal-Mart Stores investing $50m in New Dada
US retail giant Wal-Mart Stores Inc says it will invest $50 million in Chinese online grocery and delivery firm New Dada.
This move will extend Wal-Mart’s tie-ups in the online industry in China, following it selling its own online platform Yihaodian this year in exchange for a stake in New Dada, a joint venture part-owned by JD.com.
The investment will help Wal-Mart target Chinese shoppers with faster delivery times in the competitive online grocery market. New Dada has more than 25 million registered customers and delivers in more than 300 cities throughout China.