Dada Group, a JD-backed on-demand delivery platform, reported Tuesday that its revenue grew 55% to RMB 2.28 billion ($336 million) in the second quarter of this year, beating the high end of analyst estimates compiled by Yahoo Finance. For the quarter ending June, the firm’s delivery service Dada Now’s net revenues increased 37.4% year-over-year to RMB 815.6 million, mainly driven by the increases in order volume of intra-city delivery service to chain store merchants. Dada reported a net loss of RMB 578.8 million, narrowing 9.6% from the same period last year. Meanwhile, Dada announced that Philip Jiaqi Kuai will retire from the chairman of the board and the CEO position by the end of the month. Huijian He (Jeff He), former vice president of Dada Group, has been promoted to the company president. [DaDa Group press release]
Correction: an earlier version of this feed misidentified Dada Now’s net revenues with Dada Group’s.