Alphabet invested $550 million in

Tinuku - Alphabet Inc. invested US$550 million in Inc.'s business center as part of the efforts of the Mountain View Internet giant to expand its presence in the rapidly growing Asian market and strengthen Beijing's e-commerce giants in a global battle including the onslaught of Alibaba Group Holding Ltd, Inc., and Walmart Inc.

Both companies describe the investment as part of a broader partnership that will include product promotion in Google's shopping service to help expand beyond their base in China and Southeast Asia including establishing presence in the US and European markets.

Tinuku Alphabet invested $550 million in

The agreement is an Alphabet effort where the company's main services are blocked in China. Google is boosting investment across Asia where the rapidly growing middle class and lack of infrastructure in the retail, financial, and other areas have made it a battleground for US and Chinese internet giants. Alphabet recently took Go-Jek shares in Indonesia and may also invest in Flipkart in India.

Other investors include Tencent Holdings Ltd as heavy rival Alibaba, and Walmart. A spokeswoman said Google will get 27.1 million new common shares of Class A as part of an agreement that will give less than 1 percent stake in JD. The agreement shows the determination to build a set of global alliances that focus more on establishing domestic retail relationships.