Walmart in $50 million deal with New Dada

Walmart on Friday announced a $50 million strategic investment in New Dada, China's largest local on-demand logistics and grocery online-to-offline e-commerce platform.

The investment is an extension of Walmart's broader agreement with JD.com. As part of the cooperation, New Dada offers customers two-hour delivery on groceries ordered from Walmart stores through the JD Daojia Dada application.

The two-hour delivery service is available to customers within a 3 km radius of more than 20 Walmart stores that are currently part of the program. The number of Walmart stores offering two hour delivery is expected to double by the end of the year.