Online grocery and delivery company Dada-JD Daojia announced on Thursday $500 million worth of fresh funds from its existing backers, US retailer Walmart Inc. and Chinese e-commerce group JD.com Inc.
The logistics firm, which is partly owned by JD, plans to use the funds to invest in supply chain technology and serve merchants on its platform that connects scooter-riding drivers in about 400 cities with around 1.2 million online merchants and transports everything from packages to groceries.
JD Daojia delivers products from local supermarkets and other partners using a location-based smartphone app and currently has about 20 million monthly active users.
Walmart China Chief Executive Wern-Yuen Tan said by working with strong partners, and investing in digital capabilities, they will create easier and more convenient shopping experiences for customers. For the latest round, the Arkansas-based group invested about $320 million.