Chinese logistics and supply chain services firm Jiangsu Xinning Modern Logistics has received 376 million yuan ($34.6 million) in equity financing.
The investment was secured from Chinese e-commerce major JD.com Inc., which in connection with the funding will acquire a 10 percent stake in Jiangsu Xinning.
With the financing deal, Xinning, with an aim of reaching 200,000 vehicles by 2020, has formed a strategic partnership with JD.com’s logistics arm, JD Logistics, to develop a big data system that will boost efficiency and cut costs.
Xinning intends to use the new capital to extend its last-mile efficiencies through the development of automation, drones and robotics.