(Yicai Global) Jan. 29 -- Jusda, the supply chain management unit under Taiwanese electronics giant Foxconn Technology Group, has closed the largest ever fundraising series in China's business-to-business logistics sector after raising CNY2.4 billion (USD356 million) in its A-round.
State-backed China Life Insurance led the round with support from IDG Capital, China International Capital and other institutions, tech portal 36Kr reported. Jusda will use the funds to further research and development in supply chain digitization and work with upstream and downstream customers to make its services more efficient.
Many insurance funds target the supply chain logistics sector, said Zhang Fengming, president of investment at China Life Insurance, adding that as a Foxconn unit, Jusda is expected to become a platform-level company and a mainstay in the supply chain industry.
Foxconn, the world's largest electronics contract manufacturer and best known as an Apple supplier, set up Jusda in 2010. The unit provides end-to-end supply chain management via land, water and air transport for domestic and overseas electronics makers, and offers value-added services for warehousing, customs and supply chain finance.
It has 155 branches across China, the United States, India, Southeast Asia and other countries and regions, with its warehouses and distribution centers spanning 2.5 million square meters and clients including a host of renowned manufacturers from around the world.
Editor: James Boynton