China logistics player Yimidida raises $140m

Participants in the funding round were not disclosed. Yimidida has raised RMB4 billion across seven rounds to date. Its backers include China Renaissance K2 Ventures (K2VC), Sino-Ocean Capital, CDH Investments, Boyu Capital, Hopu Investment, Source Code Capital, and Hidden Hill, private equity arm of GLP.

The company most recently raised RMB1.8 billion in a Series D round of funding led by Boyu in January 2019. 

Formed in 2015 through the consolidation of four provincial logistics companies, Yimidida covers 33 provinces in China, with a network of 3,000 trucks, 200 transportation centers, and 16,000 employees. It offered free logistics services to support the construction of one of two hospitals in Wuhan intended to treat patients suffering from the novel coronavirus.

China Renaissance served as exclusive financial advisor for the Series D extension. Hui Zhang, a representative at the firm, said the round was connected to the acquisition of UC Express.

"On the one hand, our M&A team pushed the acquisition of UC Express to reserve a time window for subsequent financing. On the other hand, our financing team assisted the company in the creation of synergies and the optimization of business strategy so as to gain capital market recognition and efficiently complete the new funding round," he said.

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• Topics
• Greater China
• Expansion
• Industrials
• Support services
• Logistics
• China
• China Renaissance