Walmart pays $3.3B for NJ online sales firm
What future for Jet's S. Jersey warehouse?
It will now help Walmart, the largest retail store chain, try and catch up to Amazon's long lead in warehouse direct sales.
Jet founders and investors will be richly paid: The firm raised at least $470 million from investors including Boston's Fidelity and Bain investment firms, Philadelphia-based MentorTech, Silicon Valley-based Accel Partners and Google Ventures, Washington-based New Enterprise Associates, New York-based Goldman Sachs, and others, mostly in 2014.
"Walmart has already invested billions of dollars in its Wal-Mart Pay mobile
app, Amazon Prime rival Shipping Pass and various other digital efforts in
recent years," but "it continues to face challenges in competing with
Amazon, which has more than seven times the sales including its Web-service
business," Iyer concluded.