Alibaba-backed logistics firm Cainiao invests $290m in Dianwoda

FILE PHOTO: A logo of Cainiao Smart Logistics Network Ltd is seen outside its industrial park in Jinhua, Zhejiang province, China March 29, 2017. Picture taken March 29, 2017. REUTERS/Stringer Reuters

Alibaba-owned logistics affiliate Cainiao Network Technology Co has taken control of domestic logistics service startup Dianwoda by investing $290 million into the firm as part of its move to expand its delivery capacity, according to Chinese media reports.

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