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Google to invest $550mn in Chinese e-commerce player

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  18 Jun 2018 11:30 PM GMT

Beijing, June 18: In an apparent move to rebuild its presence in the country, tech giant Google is set to invest $550 million in cash into Chinese e-commerce player “As part of a strategic partnership, Google will put $550 million in cash into In return, the tech giant will receive more than 27 million newly issued Class A ordinary shares at an issue price of $20.29 per share,” CNBC reported citing Google as saying on Monday. Both the companies aim to work in partnership to develop retail infrastructure that can better personalise the shopping experience and reduce friction in a number of markets, including Southeast Asia. The goal here is to merge’s experience and technology in supply chain and logistics — in China, it has opened warehouses that use robots rather than workers — with Google’s customer reach, data and marketing to produce new kinds of online retail, according to TechCrunch. is China’s second largest e-commerce player and is valued at around $60 billion, based on its NASDAQ share price and the firm has partnerships with the likes of Walmart. (IANS)

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