The Chinese firm received an overall funding of $500m from its strategic partners, including Wal-Mart
Wal-Mart Stores has expanded its reach more into the Chinese market by investing in the Chinese online business-to-consumer (B2C) company 360buy Jingdong Mall.
A 360buy spokeswoman was quoted by Reuters as saying that the company has received funding of $500m from six strategic partners, including Wal-Mart.
Wal-Mart has not disclosed its part of investment in the Chinese e-Commerce firm but reportedly showed its eagerness to tap into the pocketbooks of China’s burgeoning middle class.
Reuters quoted local media reports as saying that 360buy Chief Executive Liu Qiangdong told a press conference last week that the funds would be used to build logistics centres in China.
Earlier this year, Wal-Mart launched an e-Commerce site for its Sam’s Club warehouse stores in China.