GIC, Temasek, Khazanah back Alibaba’s logistics affiliate
Singapore’s GIC Private and Temasek Holdings, Malaysia’s Khazanah Nasional, and China’s Primavera Capital have joined the latest funding round in Cainiao Network Technology, a logistics platform launched by Alibaba Group.
Ciaoniao didn't specify the exact amount raised but domestic media identified the sum as more than RMB10 billion ($1.5 billion), at a valuation of RMB50 billion.
Alibaba formed Cainiao in 2013 with a view to raising up to RMB100 billion over the next 5-8 years. Chinese conglomerate Fosun International contributed RMB500 million for a 10% interest in the product. Members of the network include Yintai Group, SF Express, Shentong Express, Zhontong Courier, Yuantong Express and Shanghai Yunda Express, as well as Fosun.
Jack Ma, Alibaba's founder and executive chairman, is chairman of Cainiao.
The capital will go towards the development of a national logistics platform that will underpin delivery of goods bought and sold via Alibaba's e-commerce platform, which incorporates C2C portals Taobao and Tmall as well as B2B giant Alibaba.com.
The network handles more than 70% of express package deliveries in China, spanning 2,800 country districts, according to Bloomberg. It also operates in 224 countries and regions globally.
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