China-based logistics services provider Cainiao Smart Logistics Network has received RMB23.3bn ($3.33bn) from e-commerce group Alibaba, TechCrunch reported on Friday.
Alibaba increased its stake from 51% to 63% through the investment, which included both newly issued shares and a secondary transaction of undisclosed size and involving an unnamed shareholder.
Cainiao was co-founded by Alibaba, which owned a 48% stake at launch, diversified conglomerate Fosun and retailer Intime Retail Group in 2013. TechCrunch said a range of logistics firms also owned shares in Cainiao, though it did not offer additional details.
The company runs a logistics platform that connects delivery drivers, goods and warehouses with each other to facilitate e-commerce deliveries.
Alibaba previously increased its stake in the business to 51% by investing $798m in 2017.
Cainiao had earlier collected $1.54bn in funding from Singaporean government-owned investments firm Temasek and sovereign wealth fund GIC, as well as Malaysian sovereign wealth fund Khazanah Nasional and investment firm Primavera Capital in 2016.
