Lalamove secures US$300 million in Series D funding
By Digital News Asia February 22, 2019
- Its D1 round is led by Hillhouse Capital and D2 round is led by Sequoia China
- Funds will open an opportunity for Lalamove to venture into the automotive business
LALAMOVE, an Asian on-demand delivery and logistics service provider closed US$300 million (RM1.22 billion) in its latest D1 round led by Hillhouse Capital and D2 round led by Sequoia China. This round of funding is another vote of trust from investors in the wake of Lalamove’s consistent growth.
The funding will be channeled towards achieving the primary goal of expanding Lalamove’s operations in Malaysia, India, China and other untapped cities in Southeast Asia countries.
Besides that, the funding will be used to propel Lalamove’s technological and innovation capabilities. This new development will open an opportunity for Lalamove to venture into the automotive business.
“Technology is redefining what can be achieved in the logistics industry. Lalamove’s outstanding management team is at the forefront of this trend,” said Hillhouse Capital founder and chief executive officer Lei Zhang.
“We have been impressed with the company’s track record in Southeast Asia and China. Lalamove is well-positioned to bring more efficient and convenient freight services to the sector.”
According to Sequoia China founder and managing partner Neil Shen, "Shing is a role model for Hong Kong’s new generation of innovative entrepreneurs. Shing returned to HK after completing his studies and plunged himself into the entrepreneurial wave of ‘Internet Plus,’ becoming a figure of entrepreneurial success”.
Lalamove founder and chief executive officer Chow Shing-yuk, said, “I am very grateful to Hillhouse Capital Group, Sequoia China, and all the new and previous shareholders for their confidence and support.
“We are convinced that greater internet penetration and new technologies will continue to drive efficiency within the logistics sector. Lalamove is well positioned to spearhead this transformation.”
This new funding will be used to strengthen Lalamove’s intra & intercity operational capabilities with an extensive focus on the B2B Segment. Lalamove entered the Malaysian market in 2018 with its array of technological innovation, streamlined operations, efficient platform matching, and outstanding service as a part of its greater goal to be an aggregator of the logistics sector in Southeast Asia.
With this funding, the Malaysian business community and consumers are poised to enjoy additional services and broader delivery coverage.
“This additional funding will allow us to continue disrupting the local logistics market with our recently launched lorry and moving services. We are actively recruiting new lorry drivers to meet the demand of instantaneous large-scale deliveries,” Lalamove Malaysia country director Sik Hoe Yong concludes.