Wal-Mart to invest $50 million in China online grocer New Dada

October 20, 2016 10:14 PM EDT

A Walmart store is seen in Encinitas, California April 13, 2016. REUTERS/Mike Blake/File Photo


Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.

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)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Add Your Comment