ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
36Kr/KrASIA

Chinese logistics Lalamove valued at $10bn after fresh funding

Round shows investors warming to domestic inland shippers

Demand for shipping is skyrocketing in China among both individuals and corporations.   © Reuters

BEIJING -- Chinese logistics company Lalamove has raised $1.3 billion in two transactions during a series F round led by earlier investor Hillhouse Capital.

The company is expected to rake in another $200 million in another deal, 36Kr has reported.

The new funds will push the company to a valuation of $10 billion. Less than a month ago, it closed a $515 million series E round.

Investors have been favoring China's land cargo shipping players recently. Manbang, which was created in November 2017 from the merger of truck-hailing rivals Yunmanman and Huochebang, raised $1.7 billion from investors, including Sequoia Capital China and Hillhouse. Didi Chuxing's new cargo shipping unit, which went online in 2020, only planned to raise $400 million in December but instead attracted $3 billion.

Lalamove was operating in 352 cities on the Chinese mainland at the end of September 2020 since its 2013 Hong Kong launch. The company connects 480,000 drivers and serves 7.2 million monthly users. Customers include individuals looking to move home as well as corporate clients such as e-commerce giant JD.com, state-owned oil refiner Sinopec and retailer 7-Eleven.

Orders rose 50% in 2020 despite a 93% year-on-year decrease in February, when the COVID-19 pandemic hit the Chinese mainland.

The company says that a Shenzhen resident was its most frequent customer in 2020, placing 5,085 orders at an average price of 152 yuan ($23.4) per order. Another user from Guangzhou was the most active driver, fulfilling 3,722 orders during the year. One driver from Zhejiang Province delivered a load of fabrics 3,970 kilometers.

KrASIA is a digital media platform focused on technology-driven businesses and trends across the Asia-Pacific region. KrASIA belongs to 36Kr Global, of which 36Kr is a minority investor. Nikkei has a minority stake in 36Kr.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more