GLP joins $216m funding round for Chinese logistics service provider
Chengdu-based logistic service provider Juma Peisong has raised RMB1.5 billion ($216 million ) in a Series C round of funding with participation by a number of institutional investors including existing backers Global Logistic Properties (GLP) and Sino-Ocean Group.
GLP, a private equity-owned warehouse operator based in Singapore that has been expanding its footprint in Asia, backed the company's Series A round in 2016, and was later joined by China's New Hope Group, Pioneer Investment, Ding Xia Capital and New Margin Ventures for an RMB 450 million Series B round in 2017. In February, the company raised hundreds of millions of renminbi from Sino-Ocean in a Series B plus round, according to a statement.
Founded in 2011, Juma provides urban delivery services using over 1,000 self-owned vehicles. It has operations in 61 Chinese cities through 137 branches. In addition, the company also provides truck rental services to clients ranging from property developers to e-commerce operators. Among its over 10,000 corporate clients there are big names such as SF Express, Taobao, JD.com and Walmart. The fresh capital will be used to expand the number of its new energy vehicles used nationwide.
To better sharpen its competitive edge in the new energy vehicle space, the company formed a joint venture with GLP, JD Logistics - the delivery arm of e-commerce giant JD.com - and Chinese automobile firm Welt Meister in August, to develop smart trucks. The newly formed company is expected to commence mass production by 2020.
Other major players in this segment include Chinese trucking logistics firm Manbang, which received a $1.9 billion funding round led by SoftBank Group in April.
GLP, Asia’s largest warehouse operator, entered China in 2003 and set up its first China-focused fund in 2013 to tap the nation's booming e-commerce and logistics market worth over RMB230 trillion. Its latest investment vehicle of $2 billion targeting China was launched in September together with Singapore sovereign wealth fund GIC. Earlier this year, it set up an RMB10 billion fund known as China Value-Add Venture I, with China Life Insurance as the sole LP, followed by an investment fund of RMB10 billion known as Hidden Hill supported by a number of institutional investors including China Post Capital.
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