April 15, 2016 / 2:57 AM / 3 years ago

JD Daojia to merge with Dada Nexus

April 14 (Reuters) - Chinese online direct sales company JD.com Inc said its online-to-offline unit, JD Daojia, will merge with Dada Nexus Ltd, a crowdsourcing platform, to form a new company.

Under the merger agreement, JD.com will receive about 47.4 percent of the new company’s equity for $200 million in cash.

JD Daojia provides consumers two-hour delivery of products from local supermarkets and other partners through its location-based app.

Philip Kuai, CEO of Dada, and Zhijun Wang, President of JD Daojia, will serve as CEO and President of the new company, respectively, JD.com said in a statement.

JD.com said the new company will continue to operate its crowdsourcing delivery platform under the Dada brand. (Reporting by Bhanu Pratap in Bengaluru; Editing by Sunil Nair)

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