J&T Express Denies Completing C1 Round of Financing Worth $1.735 Billion

J&T Express
(Source: J&T Express)

According to media reports on Wednesday, J&T Express has completed a C1 round of financing worth $1.735 billion, bringing its valuation to $19.77 billion. J&T Express denied the report.

According to previous reports, internal documents showed that D1 Capital, headquartered in New York, took the lead in this round of financing, with an investment of $567.6 million. Boyu Capital, Temasek and Sequoia Capital also participated in this round of financing.

The report also indicates that J&T will commence its listing process after completing the C1 round of financing. According to the agreement reached between J&T Express and its investors, J&T Express must be listed before March 1, 2026, and the IPO financing amount shall not be less than $1 billion.

In 2015, Li Jie, who had worked at OPPO, led the team to set up J&T Express in Jakarta. At the end of 2019, J&T Express acquired Long Bang Express, an old express company in Shanghai. J&T Express subsequently entered the Chinese market in a low-key manner.

In April 2021, J&T Express was reported to have completed financing worth $1.8 billion, which was led by Boyu Capital, followed by Hillhouse Capital and Sequoia Capital. At that time, the company’s valuation reached about $8 billion, surpassing many domestic express delivery firms.

At the end of August, 2021, J&T Express obtained financing of about $250 million for its overseas expansion. On October 29th, J&T Express signed an acquisition agreement with Best Inc., acquiring the latter’s domestic express delivery business at a price of 6.8 billion yuan.

SEE ALSO: J&T Express Acquires Best Inc.’s Express Delivery Business in China for $1.1 Billion