Google invests $550mn in JD.com

US-based internet company Google will invest $550mn in Chinese e-commerce firm JD.com, it has been announced today.

The investment gives Google 27.1mn new Class A ordinary shares, affording the tech giant a stake of under 1% in its Asian partner. The companies have expressed that further than the $550mn, the deal also indicated a wider partnership.

The deal shows Google’s increasing commitment to expansion in Asia and competition with Amazon, which is also growing in the region.

See also:

JD.com raises $2.5bn for logistics

JD’s new 7Fresh chain competed with Alibaba for online offering

See the latest Asia edition of Business Chief!

JD.com will have its products promoted on Google’s shopping service and hopes the partnership will aid its expansion across the US and Europe.

As Google’s services remain blocked in China, there won’t be any particular new initiatives by Google in JD’s home country at this time, according to Reuters.

JD.com’s Chief Strategy Officer, Jianwen Liao, said in a statement: “This partnership with Google opens up a broad range of possibilities to offer a superior retail experience to consumers throughout the world.”

Share

Featured Articles

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

The pandemic has given birth to a new breed of private members’ clubs where work and play merge, membership and spaces are curated, and community matters

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress

Technology

World Mental Health Day – 10 apps to improve wellbeing

Leadership & Strategy