Dada Group, a JD-backed on-demand delivery and retail platform, reported Monday that its revenue reached RMB 2 billion ($299 million) in the first quarter of this year, up 21% compared with RMB 1.7 billion in the same period of last year. The revenue beats an average $297 million market estimation compiled by Yahoo Finance. The total gross merchandise volume for its on-demand delivery platform JDDJ jumped 74.4% year-on-year to RMB 49.1 billion for the twelve months ended March. The firm’s net losses for the quarter narrowed to RMB 604.2 million, compared with RMB 710.3 million in the same period of 2021. JD invested $546 million in Dada Group in February this year, increasing its stake in the online grocer to 52%. [Dada press release]