Best Logistics, a China-based logistics services provider that counts e-commerce group Alibaba and contract manufacturing firm Foxconn as investors, is raising $700m in funding, the Wall Street Journal reported on Friday.
International Finance Corporation, the investment arm of the World Bank, has disclosed that it is considering an investment of up to $30m as part of the round, which is being raised in advance of a planned initial public offering.
Founded in 2007, Best Logistics supplies warehousing and delivery services to China’s e-commerce sector. It runs some 400 distribution centres across China, one in the US and three in Germany.
Best Logistics, which received $15m in funding from Alibaba and Foxcon prior to 2009, intends to spend the capital on pre-IPO expansion and strategic acquisitions.
According to the IFC disclosure, its other investors include IDG Capital Partners, the local corporate venturing affiliate of media group International Data Group, as well as China Renaissance Capital Investment, Walden International, CDH Investments and Goldman Sachs.