On May 11th, Dada Group released its Q1 2023 financial results. In the first quarter, Dada Group’s total revenue reached RMB 2.6 billion (about USD 370 million), a year-on-year increase of 27%. The adjusted net loss rate narrowed by over 16 percentage points compared to the same period last year.
In the first quarter, JD Daojia’s revenue was 1.8 billion yuan ($260 million), while Dada Group’s revenue was 800 million yuan ($120 million).
In the 12 months ending on March 31, 2023, JD Daojia’s total transaction volume (GMV) reached 67.3 billion yuan ($9.7 billion), a year-on-year increase of 37%.
“We are pleased to start the new year with an excellent performance. In the first quarter, while maintaining steady growth, we continued to improve operational efficiency,” said Jeff He Huijian, President of Dada Group.
“We have full confidence in the potential of instant retail and instant delivery and will continue to achieve high-quality growth by enhancing LBS technology and fulfillment capabilities, expanding cooperation with retailers and brand merchants, as well as deepening our collaboration with JD.com.”