Hong Kong-based Lalamove has raised US$300 million in Series D funding. The company is now a unicorn, though its exact valuation has not been disclosed.
Chinese private equity firm Hillhouse Capital led the D1 tranche, with Sequoia China spearheading the D2 tranche. Existing investors, like MindWorks Venture and ShunWei Capital, also participated.
The on-demand logistics service provider will use the newly raised funds to bolster its operations in China and Southeast Asia. The cash will also help Lalamove expand further, such as to India. The company will also develop new services, like financing assistance for drivers’ vehicle acquisitions, car sales, and dedicated corporate offerings.
Lalamove was founded in 2013. Unlike other consumer-focused on-demand service providers, the company’s services are primarily meant for corporate clients. Lalamove offers a wide array of vehicles for logistics usage, including light trucks, vans, minivans, and even motorcycles.
The company currently operates in more than 130 mainland Chinese cities, Hong Kong, Taiwan, Vietnam, Indonesia, Malaysia, the Philippines, and Thailand. Overall, the startup claims to have 3 million registered drivers, with over 28 million users across all territories where its orange vehicles can be found.
Editor: Brady Ng