On-demand delivery company Lalamove announced Wednesday to have completed its Series E round of financing, raising $515 million.
The investment was led by Sequoia Capital China and followed by Hillhouse Capital and Shunwei Capital.
The funding will be used for business expansion in the sinking market and Lalamove will continue to make efforts in diversifying its business layout and developing logistics data intelligence, according to the company.
Established in 2013 in Hong Kong, Lalamove has completed seven financing rounds. As of November 2020, the company has expanded its business to 352 cities across China, with 480,000 monthly active drivers and 7.2 million monthly active users (MAU).
Shengfu Zhou, founder of Lalamove, said the market will further expand, and penetration into fourth and fifth-tier cities will continue to accelerate, KrAsia reported.
Even though the Covid-19 pandemic struck the logistics industry hard in the first half of the year and Lalamove’s monthly order volume plunged as much as 93%, the business bounced back after the “golden week” and saw an 82% monthly increase in order volume.