The Chinese grocery-delivery firm, Dada-JD Daojia, announced Thursday that has received a $500 million injection of financing.
The money comes jointly from U.S. retail giant Walmart and Chinese e-commerce player JD.com. Walmart (WMT, -0.14%) said it had contributed some $320 million.
Dada-JD Daojia is a dual-entity business comprising JD Daojia, which is JD.com’s online-to-offline business, and Dada Nexus, a large crowd-sourcing delivery platform in China. Today’s business was formed following a merger in 2016.