Logistics start-up Lalamove raises $406m

Logistics service provider Lalamove has raised US$300 million (S$405.9 million) in Series D funds.

The financing rounds were led by Hillhouse Capital and Sequoia China. Other investors in the rounds included Eastern Bell Venture Capital, PV Capital and existing investors such as Xiang He Capital and MindWorks Ventures.

The new funds will be used to strengthen Lalamove's technological and innovation capabilities in China and South-east Asia, and to support its expansion into India and into new businesses such as car sales.

Lalamove was founded in Hong Kong in 2013 and operates in 11 cities in Asia outside of 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.

Sequoia China managing partner Neil Shen said: "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."

Hillhouse Capital chief executive Lei Zhang 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 believe it is well-positioned to bring more efficient and convenient freight services to the sector."

A version of this article appeared in the print edition of The Straits Times on February 22, 2019, with the headline 'Logistics start-up Lalamove raises $406m'. Print Edition | Subscribe