Warburg Pincus leads $100m round for China logistics player

Existing investors Sequoia Capital, Matrix Partners and GSR Ventures also participated.

Founded in November 2014, Yunniao provides regional and same-city delivery services to Chinese commercial chain stores, distributors, brands and manufacturers. Clients place their orders on Yunniao's online platform, including their specific vehicle requirements, and third-party drivers then bid for the jobs.

The platform covers 16 first-tier Chinese cities including Beijing, Shanghai, Guangzhou and Shenzhen, serving more than 2,000 clients. The company claims its daily revenue is RMB1 million ($151,892), with the total expected to reach RMB30 million by the end of this year. At present, the platform has 100,000 registered drivers and is targeting one million, also by the end of 2016.

The start-up received $10 million in a Series A round from Matrix, GSR and Shanda Capital in January of last year. Sequoia led a further round worth tens of millions of dollars in July, with existing investors also re-upping.

The latest round will be used to develop new technology, enhance risk control systems and expand services into more Chinese cities, according to a release.

In July 2014, Warburg Pincus re-upped in China ANE Logistics, committing $50 million to the Chinese logistics and courier services provider. Last year, the private equity firm also participated in a financing round for China's ZTO Express, one of Alibaba Group's logistics partners, alongside Hillhouse Capital and Standard Chartered Private Equity.

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• Topics
• Greater China
• Technology
• Venture
• Expansion
• China
• TMT
• Logistics
• Warburg Pincus Asia
• Sequoia Capital
• Matrix Partners
• GSR Ventures
• Growth capital