On-demand logistics startup Lalamove raises $300M for Asia growth and becomes a unicorn

Lalamove, a Hong Kong-based on-demand logistics startup, has closed a $300 million Series D round as it seeks expansion across Asia. In doing so, the company has officially entered the unicorn club.
Founded in 2013 by Stanford graduate Shing Chow, Lalamove provides logistics and delivery services in a similar style to ride-hailing apps like Uber but it is primarily focused on business and corporate customers. That gives it more favorable economics and a more loyal customer base than its consumer-focused peers, who face discount wars to woo fickle consumers.
This new round is split into two, Lalamove said, with Hillhouse Capital leading the D1 tranche and Sequoia China heading up the D2 portion. The company didnt reveal the size of the two pieces of the round.Other investors that took part included new backersEastern Bell Venture Capital and PV Capital and returning investorsShunWei Capital the firm founded by Xiaomi CEO Lei Jun Xiang He Capital and MindWorks Ventures .
The deal takes Lalamove to over $460 million raised to date, and it follows a $100 million Series C that closed in late 2017. Lalamove isnt disclosing a valuation but Blake Larson,the companys head of international, told TechCrunch that it has been past unicorn mark for quite some time [but] we just dont talk about it. That figures given the size of the round and the fact that Lalamove wasjust shy of the $1 billion mark for that Series C.
The Lalamove business is anchored in China where it covers over 130 cities with a network of over two million drivers covering vans, cars and motorbikes.
Beyond China, Lalamove is present in its native Hong Kong where Uber once briefly tried a similar service Taiwan, Vietnam, Indonesia, Malaysia, the Philippines and Thailand, where it works with popular chat app Line. All told, it covers 11 cities outside of China and this new capital will go towards expanding that figure with additional city launches in Southeast Asia and entry to India.
If we do this well, then we are in countries that are more than half the worlds population, Larsen said in an interview, although he didnt rule out the potential for Lalamove to expand beyond Asia in the future.
There are also plans to grow the business in mainland China in terms of both geography and new services. Already, Lalamove has begun to offer driver services, starting with financing packages to help drivers with vehicle purchasing, and it is developing dedicated corporate offerings, too.
On-demand logistics startup Lalamove raises $300M for Asia growth and becomes a unicorn
Lalamove CEO ShingChow started Lalamove in late 2013, his past roles have included time withBain & Company, a number of startup ventures including a Hong Kong-based skin center and a stint as a professional poker player
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