(Yicai Global) Oct.11 -- Shenzhen Huolala Technology Co., an O2O freight transport platform formerly known as Lalamove, has raised USD100 million in its C-round financing and will invest in solidifying its presence in cities and expand its business-oriented services, the company said in a press briefing today.
Huolala has raised a total of USD160 million with the new funding, online financial news outlet PEDaily reported
The firm is different from other transport service providers as it charges drivers monthly membership fees rather than taking a percentage of their earnings.
Huolala has seen its business volume maintain monthly growth of 30 percent this year, and currently boasts two million registered drivers and 15 million users. Early this year, the company decided to expand into 100 cities in mainland China in 2017, a goal which was achieved in July, well ahead of schedule.
The company has achieved single-city profitability in key cities such as Shenzhen, Guangzhou, and Shanghai, while its operating unit in Thailand has also yielded profits. Huolala will also enter Vietnam in October this year.
Founded in Hong Kong in 2013, Huolala began operating in mainland China and Southeast Asia in 2014.
Chief Executive Shing Chow has confirmed the company will go public, though this may take three to five years.