Hongkong based on-demand logistics startup, Lalamove said it has raised $515 million through Series E led by Sequoia Capital. Existing investors Hillhouse Capital and Shunwei Capital also participated in the funding round. Company will use raised funds to expand its market presence for developments such as logistics intelligence and business ecosystem consolidation.
Earlier in February 2019, Company also raised $300 million in Series D round when it reached Unicorn status. Founded in 2013 for on-demand deliveries in the same city, Lalamove has since developed to include cargo services, corporate logistics, moving and vehicle rental. Along with 352 cities in continental China, Lalamove also operates in Hong Kong, Taiwan, Vietnam, Indonesia, Malaysia, Singapore, Philippines and Thailand. The company first came to the United States in October and currently claims about 480,000 active drivers per month and 7.2 million active customers per month.
Part of its D series was planned to expand to India, however, Lalamove was among the 43 applications banned by the govt, citing cybersecurity considerations. The company plans to expand its same-day delivery to its 24 major markets in South America, Asia and the United States. This year has been vital to the company in the context of the pandemic in terms of market growth.
In its announcement, Lalamove CEO Shing Chow said its Series E will be used to enter more fourth and fifth-tier Chinese cities, adding “We believe the mobile internet’s transformation of China’s logistics industry is far from over.”