Sequoia leads $515m Series E for Hong Kong's Lalamove

Hillhouse Capital and Shunwei Capital also participated. The plan is to exploit pandemic-related market dislocation through expansion, diversification, and a technology buildout, according to a statement. Lalamove said its shipping volumes were down 93% at the start of the year but up 82% year-on-year as of the Single’s Day shopping festival in November.

Bloomberg reported earlier this month that the latest round would value Lalamove at $8 billion. The company was estimated to have crossed the $1 billion valuation mark as recently as February 2019, when it raised a $300 million Series D. Since then, the number of monthly active users has grown to 7.2 million. Total funding amounts to more than $2 billion since 2013.

Sequoia China, Hillhouse, and Shunwei took part in Series D alongside Eastern Bell Capital, PV Capital, MindWorks Ventures, Xianghe Capital and 01 Venture Capital. That round targeted growth in mainland China’s lower-tier cities, Southeast Asia and India, as well as new verticals such as corporate client services and car dealerships. A US presence was established earlier this year.

Lalamove’s core offering is a platform that connects 700,000 drivers of vans, trucks, and two-wheelers with businesses in 24 global markets, including Latin America. The on-demand service includes same-day delivery. Its major rival is Hong Kong-based Gogox, previously Gogovan, which has raised $250 million in 2018 and claims to have some 8 million registered users across Asia.

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• Topics
• Greater China
• Support services
• Expansion
• Hong Kong (China)
• Sequoia Capital
• Hillhouse Capital Management
• Shunwei Capital Partners
• Logistics
• TMT