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.
President Trump and housing regulator Bill Pulte are considering introducing a 50-year fixed rate mortgage that Fannie Mae and Freddie Mac would purchase.
In its latest financial stability report, the Federal Reserve found that asset valuations continue to be elevated and leverage levels remain high, especially among nonbanks like hedge funds and insurance firms.
Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.
The Spanish bank says it can connect small and medium-size U.S. businesses with local market experts on its newly launched digital platform Navigator Global.
The Pittsburgh-based bank said Friday that it will focus on building 300 branches in high-growth markets by 2030. It also minimized the prospects for another acquisition on the heels of its recent deal for Colorado-based FirstBank.
Consumers' and merchants' penchant for 0% loans are boosting the buy now/pay later lender in its first fiscal quarter ended Sept. 30, as gross merchandise volume hit a record.
