With the logistics arena transforming at an unprecedented rate companies are looking for opportunities to enhance themselves in the best way possible. Lalamove—Logistics service supplier has raised US$300 Mn in Series D funds. Hillhouse Capital and Sequoia China led the financing rounds. Other investors in the rounds included PV Capital, Eastern Bell Venture Capital, and existing investors such as Xiang He Capital and MindWorks Ventures.
The newly acquired funds will be utilized to improve and develop Lalamove’s technological and innovation capabilities in South-east Asia and China, and to support its expansion into India and new markets such as car sellouts. Lalamove was established in Hong Kong in 2013 and operated in 11 cities in Asia outside of China, including Malaysia, Indonesia, and Singapore. It foresees having a presence in “many more cities shortly”, with a strong focus on India.
Sequoia China Managing Partner Neil Shen says, “Driven by well-run operations, technological innovation, quality service, and efficient platform matching, Lalamove has been able to differentiate itself from other players and secure a leading position in the industry.”
Hillhouse Capital Chief Executive Lei Zhang explained, “Technology is redefining what can be accomplished in the logistics industry, and Lalamove’s outstanding management team have positioned it at the forefront of this trend. We believe it is well-positioned to draw more efficient and convenient freight services to the sector.”