(Yicai Global) Nov. 24 -- Full Truck Alliance, a Chinese truck-hailing platform that turned profitable this year, raised USD1.7 billion in its latest fundraiser, led by SoftBank Vision Fund, Sequoia Capital, Permira, and Fidelity.

Many existing shareholders, including Lightspeed China Partners, Hillhouse Capital Group and Tencent Holdings, also took part in the round, the Beijing-based company said in a press release today.

This financing is a powerful proof of Full Truck Alliance's unlimited potential amid the transformation of the logistics industry, said Lightspeed founding partner Herry Han. 

Founded in 2017 and known as Manbang in China, Full Truck Alliance connects over 10 million certified drivers and more than 5 million shippers via an Uber-like platform to reduce transportation costs. It has offices in southwestern Guizhou and eastern Jiangsu provinces.

The firm plans to boost spending on research and development to overcome technical barriers in smart systems, and expand its scope to provide users with one-stop door-to-door cargo services.

In the previous funding round in 2018, the company banked USD1.9 billion. Lightspeed was the sole Series A investor in Full Truck Alliance's predecessor Yunmanman and has been with the firm through seven rounds of financing. 

Editor: Emmi Laine