Lalamove, Asia’s leading on-demand delivery & logistics service provider closes USD 300M in its latest D1 round led by Hillhouse Capital & D2 round led by Sequoia China.
Other investors participating in the round are Eastern Bell Venture Capital, PV Capital and existing investors including ShunWei Capital, Xiang He Capital, MindWorks Ventures.
This round of funding is another vote of trust from investors in the continued growth of Lalamove. The funding will be used to strengthen Lalamove’s technological & innovation capabilities in China and Southeast Asia, its expansion into India, and new businesses such as car sales.
“Technology is redefining what can be achieved in the logistics industry, and Lalamove’s outstanding management team has placed it at the forefront of this trend,” said Lei Zhang, founder and CEO of Hillhouse Capital. “We have been impressed with the company’s success in Southeast Asia and China, and believe it is well-positioned to bring more efficient and convenient freight services to the sector.”
"Shing is a role model for Hong Kong’s new generation of innovative entrepreneurs. Raised in Hong Kong and educated at Stanford University, Shing returned and plunged himself in the entrepreneurial wave of ‘Internet Plus,’ becoming a figure of entrepreneurial success” said Neil Shen Founder & Managing Partner of Sequoia China. Driven by technological innovation, well-run operations, efficient platform matching and quality service, Lalamove has been able to differentiate itself from other players and secure a leading position in the industry. Since its very inception, Lalamove has stayed true to its global vision, and implemented a successful two-pronged strategy, focusing on both domestic and international markets. As a result, the company has emerged as one of the great enterprises in the Greater Bay Area. With Shing at the helm, the company will become an outstanding example of China’s homegrown global enterprises.
In addition to tremendous growth of Lalamove’s business in Mainland China, its international business also accelerated by the launch of 3 new countries including Malaysia, Indonesia, and most recently India. In total, the company operates now in 11 cities in Asia outside of Mainland China and anticipates many more cities in the near future with a strong focus on India.
Shing, the founder and CEO of Lalamove, said, “I am very grateful to Hillhouse Capital Group, Sequoia China, and all the new and old shareholders for their confidence and support. In the past five years, the total share of China’s logistics industry over GDP has decreased from 18% to 14.6% which means that the industry is becoming more cost efficient, and we are convinced that the impact of deeping internet penetration and new technologies will continue to drive efficiency within the logistics sector and, Lalamove is well positioned to be at the forefront of this transformation.
Founded in Hong Kong in 2013, Lalamove connects users and drivers in a single platform to provide the same city and on-demand delivery services. In 2014, Lalamove entered mainland China and always adhered to the two-line development of Mainland China and South East markets. To date, Lalamove has registered 3 million drivers and served more than 28 million users.