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(Yicai Global) Feb. 21 -- Same-city Chinese delivery platform Lalamove has secured USD300 million in D-series funding, led by Hillhouse Capital Group and Sequoia Capital China.
The Hong Kong-based firm will use most of the funds to expand its current business in China, Southeast Asia and India, tech news outlet 36Kr reported, adding that it will also develop its enterprise business and auto sales.
Founded in 2013, Lalamove connects users with truck drivers to provide online-to-offline same-city logistics services. It entered the Southeast Asian market in 2014, maintaining a development strategy focused on China and overseas markets simultaneously.
The platform boasts some 28 million users and three million drivers as of last month. Its business volume nearly tripled last year and spreads across over 100 Chinese cities, and 11 overseas.
The company introduced its enterprise business in December 2017, which serves over 50,000 clients. It will unveil customized and scheduled logistics services in the future to meet the needs of industrial customers.
It also works with carmakers to sell trucks to registered drivers at a discount. The company sells around 1,000 units each month and plans to expand the business to more second and third-tier Chinese cities this year, covering 25 cities, while also exploring car rental.
Logistics make up only 14.6 percent of China's gross domestic product, down from 18 percent, according to Zhou Shengfu, Lalamove's founder and chief executive officer. The share is expected to fall further with the internet's continuous penetration into the logistics industry, he adds. Lalamove will focus on improving logistics efficiency and looking for innovative opportunities in all aspects of the logistics industry.
Editor: William Clegg