Lalamove will lengthen its community to cowl extra small Chinese language cities after elevating $515 million in Sequence E funding, the on-demand logistics firm introduced on its website. The spherical was led by Sequoia Capital China, with participation from Hillhouse Capital and Shunwei Capital. All three are returning buyers.
Based on Crunchbase knowledge, this brings Lalamove’s whole raised to this point to about $976.5 million. The corporate’s final funding announcement was in February 2019, when it hit unicorn standing with a Sequence D of $300 million.
Bloomberg reported final week that Lalamove was in search of not less than $500 million in new funding at $8 billion valuation, or 4 instances what it raised not less than 12 months.
Based in 2013 for on-demand deliveries inside the similar metropolis, Lalamove has since grown its enterprise to incorporate freight companies, enterprise logistics, shifting and car rental. Along with 352 cities in mainland China, Lalamove additionally operates in Hong Kong (the place it launched), Taiwan, Vietnam, Indonesia, Malaysia, Singapore, the Philippines and Thailand. The corporate entered america for the primary time in October, and at the moment claims about 480,000 month-to-month lively drivers and seven.2 million month-to-month lively customers.
A part of its Sequence D had been earmarked to develop into India, however Lalamove was amongst 43 apps that have been banned by the federal government, citing cybersecurity issues.
In its announcement, Lalamove CEO Shing Chow mentioned its Sequence E will likely be used to enter extra fourth- and fifth-tier Chinese language cities, including “we consider the cell web’s transformation of China’s logistics business is way from over.”
Different corporations which have just lately raised important funding rounds for his or her logistics operations in China embrace Manbang and YTO.
Lalamove’s (recognized in Chinese language as Huolala) Sequence E announcement mentioned the corporate skilled a 93% drop in cargo quantity at the start of the 12 months, because of the COVID-19 pandemic, however has skilled a powerful rebound, with order quantity up 82% year-over-year even earlier than Double 11.