Wal-Mart to invest $50 million in China online grocer New Dada
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SHANGHAI (Reuters) - Wal-Mart Stores Inc will invest $50 million in Chinese online grocery and delivery firm New Dada, the U.S. retailer said on Friday, extending its tie-ups with local online players to help boost sales in the world's second-largest economy.
Wal-Mart shifted its China strategy earlier this year when it sold its own online platform Yihaodian in exchange for a stake in local e-commerce giant JD.com Inc. New Dada is a joint venture part-owned by JD.com.
The investment in New Dada will help Wal-Mart target Chinese shoppers with faster delivery times in a popular but fiercely competitive online grocery market. New Dada has over 25 million registered customers and delivers in over 300 Chinese cities.
(Reporting by Adam Jourdan; Editing by Stephen Coates)
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