(Yicai Global) Dec. 22 -- Huolala Technology, a Chinese on-demand trucking services provider, has completed a USD515 million fundraiser led by Sequoia Capital China.

The funds from the E-round financing will be used to expand business in a sinking market, the Shanghai-based company said in a statement today, adding that it will continue to make efforts in diversified business layout and logistics intelligence.

Chinese private equity firms Hillhouse Capital and Shunwei Capital also took part in the fundraiser. After seven rounds of financing, its financial backers also include Xianghe Capital and 01VC.

Founded in 2013, Huolala mainly handles intra-city and cross-city freight, corporate logistics and moving services, less-than-truck-load deliveries as well as car rentals and sales. As of last month, it was operating in 352 cities on the Chinese mainland, connecting 480,000 drivers, while serving 7.2 million monthly active users.

The coronavirus outbreak hit China’s logistics sector hard this year. At one point, Huolala’s orders were down 93 percent compared with the same period last year. But as the situation came under control, the company’s orders picked up rapidly, logging 82 percent growth before China’s National Day holiday in October.

Huolala also developed smart solutions such as AR Goods Recognition and Anxinla using augmented reality and deep recognition technology this year.

Editor: Peter Thomas