Indonesia-headquartered logistics provider J&T Express has received $2.5bn in funding from investors including internet and gaming group Tencent, Reuters reported today, citing three sources.
Boyu Capital, Hillhouse Capital and Sequoia Capital China also contributed to the round while one of the sources named SIG China, a subsidiary of quantitative trading firm Susquehanna International Group, as an additional participant.
J&T operates an express delivery and warehousing business focused on the e-commerce space, which has boomed in Indonesia with the entry of domestic online platforms such as Tokopedia, Bukalapak and Sociolla in recent years.
The capital was raised at a $20bn valuation and the round is set to precede a planned initial public offering expected to take place in Hong Kong in early 2022. J&T operates in several Southeast Asian countries as well as China, and is planning expansion there and in Latin America.
The company raised a reported $100m from undisclosed investors in a 2017 round valuing it at $540m post-money, and was reported to be lining up an additional $100m in January 2020.
Hillhouse Capital, Boyu Capital and Sequoia Capital China subsequently provided $2bn for J&T in April this year at an $8bn post-money valuation, and Reuters also identified Tencent as an existing investor in the latest round.
Photo courtesy of J&T Express.
