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China's Dada-JD Daojia raises $500 million from Walmart,

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China's Dada-JD Daojia raises $500 million from Walmart,
FILE PHOTO: A sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 4, 2017. REUTERS/Aly Song/File Photo   -   Copyright  Aly Song(Reuters)
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SHANGHAI (Reuters) – Dada-JD Daojia, a Chinese online grocery and delivery firm, said on Thursday it has raised $500 million (£4.2 billion) from Walmart Inc and Inc in its latest round of financing.

The company comprises two businesses and is partly owned by Dada operates a network of 5 million delivery men, while JD Daojia partners with retail stores and provides one-hour delivery services of groceries and other items.

Walmart’s partnership with Dada-JD Daojia dates back to 2016, the statement said, adding that at present, 200 Walmart stores in 30 major Chinese cities have a presence in JD Daojia.

(Reporting by Brenda Goh and David Lin, Editing by Sherry Jacob-Phillips)

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