Lalamove The on-demand logistics company will expand its network to cover more small Chinese cities after raising $ 515 million in Series E funding Announced on its site. The round was led by Sequoia Capital China, with participation from Hillhouse Capital and Shunwei Capital. All three investors are returning.
according to this Crunchbase Data, This brings the total amount of Lalamov to about $ 976.5 million so far. The company’s last funding was announced in February 2019, when it achieved unilateral status with a Series D of $ 300 million.
Bloomberg Last week reported Lalamov was seeking at least $ 500 million in new funding at a valuation of $ 8 billion, or four times what he raised at least once a year.
Established in 2013 for on demand delivery within the same city, Lalamove Since has extended its business to freight services, enterprise logistics, moving and vehicle rental. In addition to 352 cities in mainland China, Lalamov also operates in Hong Kong (where it launched), Taiwan, Vietnam, Indonesia, Malaysia, Singapore, the Philippines and Thailand. company Entered the United States First in October, and currently boasts about 480,000 monthly active drivers and 7.2 million monthly active users.
A part of its series D was slated to expand in India, but Lalamov was Among 43 apps It was banned by the government citing cyber security concerns.
In his announcement, Lalmov CEO Shing Chow said that its Series E would be used to enter more fourth- and fifth-tier Chinese cities, “We believe China’s logistics industry is far from mobile Internet transformation . “
The announcement of the Lalamovs (known in Chinese as Huola) Series E stated that the company experienced a 93% drop in shipment volume due to the COVID-19 epidemic at the beginning of the year, but experienced a strong rebound. In which order volume is 82%. Even before the double 11 from year to year.