Dada-JD Daojia has raised $500 million from existing backers JD.com Inc.and Walmart Inc. to quicken the growth of its delivery network across China.
The logistics company said it intends to use the funds to invest in supply chain technology and serve merchants on its platform, which connects scooter-riding drivers in about 400 cities with about 1.2 million online merchants and delivers everything from packages to groceries. Walmart’s Chinese-based supermarkets are one of Dada-JD Daojia’s key clients.
Shoppers exit a Wal-Mart Stores Inc. store in Princeton, Illinois, U.S., on Wednesday, March 16, 2011. More than 100 Wal-Mart Stores Inc. workers paint a similar picture in sworn complaints about the company: Local managers made sexist decisions about promotions and pay, and top officials did nothing to stop them. Photographer: Daniel Acker/Bloomberg
Daniel Acker/Bloomberg
Formed when JD merged certain business assets with Dada Nexus Ltd., the company is distinct from JD’s own logistics operations in that it mostly relies on freelance couriers. It’s a key cog in a battle with Alibaba Group Holding Ltd. that sends millions of riders onto Chinese streets daily. At peak times, Dada-JD Daojia says it delivers 1 million orders per day, and its platform also acts as a shopping portal that promises delivery within an hour of orders.
“Dada-JD Daojia will deepen our partnership with leading retail partners and improve supply chain efficiency via technology,” Chief Executive Officer Philip Kuai said in a statement.
After the rapid rise of interest rates, election uncertainty and tariff policies stymied borrower demand, some banks' second-quarter results suggest that loan growth may be on its way back.
The Republican Freedom Caucus wants to combine the market structure bill with another measure prohibiting the formation of a Central Bank Digital Currency. That move could tank the market structure bill's chances of becoming law, and with it the banking industry's best chances of getting its priorities enacted.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency proposed a rule that would revert the anti-discrimination framework to its 1995 standards.
Supreme Court rulings and provisions in the recently passed budget bill are bolstering the legality of the administration's effort to fire more than 1,000 employees at the Consumer Financial Protection Bureau.
