Lalamove will prolong its community to cowl extra small Chinese language cities after elevating $515 million in Collection E funding, the on-demand logistics firm announced on its site. The spherical was led by Sequoia Capital China, with participation from Hillhouse Capital and Shunwei Capital. All three are returning traders.
Based on Crunchbase data, this brings Lalamove’s whole raised thus far to about $976.5 million. The corporate’s final funding announcement was in February 2019, when it hit unicorn standing with a Collection D of $300 million.
Bloomberg reported last week that Lalamove was looking for no less than $500 million in new funding at $8 billion valuation, or 4 occasions what it raised no less than yr.
Based in 2013 for on-demand deliveries throughout the identical metropolis, Lalamove has since grown its enterprise to incorporate freight providers, enterprise logistics, transferring and automobile rental. Along with 352 cities in mainland China, Lalamove additionally operates in Hong Kong (the place it launched), Taiwan, Vietnam, Indonesia, Malaysia, Singapore, the Philippines and Thailand. The corporate entered the United States for the primary time in October, and at present claims about 480,000 month-to-month lively drivers and seven.2 million month-to-month lively customers.
A part of its Collection D had been earmarked to develop into India, however Lalamove was among 43 apps that have been banned by the federal government, citing cybersecurity issues.
In its announcement, Lalamove CEO Shing Chow mentioned its Collection E shall be used to enter extra fourth- and fifth-tier Chinese language cities, including “we consider the cellular web’s transformation of China’s logistics trade is much from over.”
Lalamove’s (identified in Chinese language as Huolala) Collection E announcement mentioned the corporate skilled a 93% drop in cargo quantity at first of the yr, because of the COVID-19 pandemic, however has skilled a robust rebound, with order quantity up 82% year-over-year even earlier than Double 11.