Ant Financial leads Series C for Chinese logistics player Keking
Chinese logistics cloud-based software provider Keking has raised RMB1 billion ($143.7 million) in a Series C round of funding led by Ant Financial and Centurium Capital.
Other participants included existing investors Sequoia Capital China and Tebon Securities, which were joined by new investor Tenglan Shiye.
Founded in July 2015, Keking provides services including financing, data research and technical assistance to small and medium-sized logistics companies and their drivers. Its SaaS platform allows customers to manage and review the status of logistics vehicles, financial records, fund settlements, and others. The company claims that over 1 million drivers and 10,000 SMEs in the industry used its service over the past three years, with the platform covering 600,000 logistics vehicles in 25 Chinese cities and provinces.
In addition, using a self-developed artificial intelligence-powered risk control model, it issues microloans to drivers and companies. It issued RMB20 billion in loans over the past three years. It generates most of its revenues from the SaaS platform, mobile payments and other financial services, and claims to have been profitable since 2016. The fresh capital will be used to enhance the company's R&D and accelerate its market expansion.
The company raised RMB100 million from Sequoia in December 2015 in a Series A round, while a year later it received another RMB200 million from Sequoia and Tebon, as well as China Fellow Partners and Avic Trust, according to Chinese media 36kr.
Earlier this year the Chinese Academy of Sciences predicted the total value of the logistics industry in China would reach RMB280 trillion in 2018, while industry revenue would exceed RMB9 trillion. Other major players in this space include Freightos, a Hong Kong-based logistics technology platform that connects carriers with importers and exporters globally. It received $44.4 million in a Series C round led by the Singapore Exchange in September.
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