Lalamove, a China-based on-demand logistics service backed by design, engineering and manufacturing services provider Aria Group, has closed a $300m series D round, TechCrunch reported today.
The round consisted of two tranches, with investment management firm Hillhouse Capital leading the series D1 and venture capital firm Sequoia Capital leading the D2 close. Lalamove did not specify individual amounts.
Eastern Bell Venture Capital, PV Capital, ShunWei Capital, Xiang He Capital and MindWorks Ventures also contributed funding to the round.
Founded in 2013, Lalamove operates an on-demand logistics and delivery service aimed at enterprise clients. It oversees a fleet of more than 3 million car, motorbike and van drivers who collectively cover more than 130 cities across China.
The company has also expanded into a total of 11 cities across Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. It will use the series D funding to expand further across Southeast Asia, and to enter India.
Lalamove also plans on growing its business in China and launching additional services, such as a dedicated corporate offering. It recently introduced financing packages for drivers to purchase vehicles.
The company has now raised $460m in funding altogether. Aria Group first backed a $10m series A round in January 2015 led by Crystal Stream Capital, with participation from Geek Founders, MindWorks, Sirius Venture Capital and assorted angel investors.
Lalamove added $10m in capital eight months later, in a round led by MindWorks, with contributions from AppWorks, Crystal Stream and individual investors. Aria returned in 2016 to back a $10m round led by MindWorks, that included Crystal Stream, AppWorks and Asia Plus Group.
Xiang He Capital led a $30m series B round for the company in 2017 that was backed by Blackhole Capital, MindWorks, Crystal Stream and Asia Plus.
ShunWei Capital led Lalamove’s $100m series C round in 2017, which featured Xiang He Capital and MindWorks, valuing it at just under $1bn. The company said it had entered the unicorn ($1bn valuation or higher) club since then, without offering further details.
