Chinese Urban Courier Lalamove Closes USD300 Million in Funding
Dou Shicong
DATE:  Feb 22 2019
/ SOURCE:  yicai
Chinese Urban Courier Lalamove Closes USD300 Million in Funding Chinese Urban Courier Lalamove Closes USD300 Million in Funding

(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

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Keywords:   Huolala,Hillhouse Capital,Sequoia Capital