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Google invests $550 million in Chinese e-commerce company
MUMBAI: American multinational technology company, Google, is all set to invest $550 million in China’s second largest e-commerce company JD.com. The move comes as part of the technology giant’s effort to expand its presence in fast growing Asian market.
Under the agreement, Google will receive 27,106,948 newly issued JD.com Class A ordinary shares at an issue price of $20.29 per share, equivalent to $40.58 per ADS, based on the volume-weighted average trading price over the prior 10 trading days.
With this partnership, Google will own less than a per cent stake in the company. Beyond the cash investment, the deal will also include promotion of JD goods on Google’s shopping service. This will also help JD.com expand its base beyond China and Southeast Asia to establish a string presence in U.S. and European markets.
By applying JD’s supply chain and logistics expertise and Google’s technology strengths, the two companies aim to explore the creation of next generation retail infrastructure solutions, with the goal of offering helpful, personalised and frictionless shopping experiences.
In a blog post, Google president of Asia-Pacific Karim Temsamani said, “We want to accelerate how retail ecosystems deliver consumer experiences that are helpful, personalised and offer high quality service in a range of countries around the world, including in Southeast Asia.”
“By applying JD.com’s supply chain and logistics expertise and our technology strengths, we’re going to explore new ways retailers can make shopping effortless for their consumers, giving them the power to shop wherever and however they want,” Karim added.
It is noteworthy that Google’s main services are essentially blocked in China ver its refusal to censor search results in line with local laws. For this, Google announced that the agreement initially would not involve any major new Google initiatives in China.
JD.com chief strategy officer Jianwen Liao in an official statement said, “This partnership with Google opens up a broad range of possibilities to offer a superior retail experience to consumers throughout the world. This marks an important step in the process of modernising global retail. As we celebrate our June 18 anniversary sale, this partnership opens a new chapter in our history.”
The Asia-Pacific region is one of the largest and fastest growing e-commerce marketplaces in the world. People in Southeast Asia alone are expected to spend $88.1 billion online by 2025. These consumers in Asia-Pacific are ready to buy, but hard to please. The growth of access to the internet and online retail has led to rising expectations for top-notch experiences at every step of the shopper’s journey.
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Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
