SINGAPORE - Logistics service provider Lalamove has raised US$300 million (S$405.5 million) in Series D funds; the D1 round was led by Hillhouse Capital and the D2 round was led by Sequoia China.
Hillhouse is a Chinese private equity firm known for its investments in Tencent Holdings, Baidu and Didi Chuxing.
Other investors that participated in the round were Eastern Bell Venture Capital, PV Capital and existing investors including ShunWei Capital, Xiang He Capital and MindWorks Ventures.
The fresh funds will be used to strengthen Lalamove's technological and innovation capabilities in China and South-east Asia, as well as support its expansion into India and into new businesses such as car sales.
Lalamove was founded in Hong Kong in 2013. The company said that to date, it has registered three million drivers and served more than 28 million users.
The firm operates in 11 cities in Asia outside of mainland China, including Singapore, Malaysia and Indonesia. It anticipates having a presence in "many more cities in the near future", with a strong focus on India.
"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," said Neil Shen, founder and managing partner of Sequoia China.
Lei Zhang, founder and chief executive officer of Hillhouse Capital, said: "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. We have been impressed with the company's success in South-east Asia and China, and believe it is well-positioned to bring more efficient and convenient freight services to the sector."