Wal-Mart Stores Inc, the world's largest retailer, has invested in China's top online seller of consumer electronics and communication products, in a push to extend its reach to more Chinese buyers.
Online business-to-consumer company 360buy Jingdong Mall secured $500 million in funding from six strategic partners, including Wal- Mart, a 360buy spokeswoman said Friday. Wal-Mart's investment was not disclosed.
360buy CEO Liu Qiangdong told a press conference Thursday that the funds would be used to build logistics centers in China, local media reported.
China's massive e-commerce market is highly fragmented and competitive, where 360buy battles Taobao, a unit of Alibaba Group, and Dangdang Inc for dominance. 360buy had 14.1 percent of China's B2C market in the third quarter.
Dangdang had 3.7 percent, according to data from Analysys International.