On-demand delivery and logistics service provider Lalamove has bagged US$300 million in series D funding, which will be channeled towards the expansion of its operations in Malaysia, India, China and other untapped cities in Southeast Asia.
Additionally, the funding will also be used to propel its technological and innovation capabilities, as well as open an opportunity for Lalamove to venture into the automotive business. More specifically, the new series of funding will be used to strengthen Lalamove’s intra and intercity operational capabilities with an extensive focus on the B2B segment.
In a statement to A+M, Lalamove’s spokesperson said there are no plans to invest the funding for “any intense marketing initiatives” as its current aim is to grow a quality delivery service that can fulfil the needs of the market. Lalamove first entered the Malaysian market in 2018. The service is currently available in countries such as Singapore, Hong Kong, the Philippines, Indonesia and China.
Shing Chow, founder and CEO of Lalamove said it is very grateful to Hillhouse Capital Group and Sequoia China and all new and previous shareholders for their confidence and support.
“We are convinced that greater internet penetration and new technologies will continue to drive efficiency within the logistics sector. Lalamove is well positioned to spearhead this transformation,” he added.
Yong Sik Hoe, country director of Lalamove Malaysia, said that with the funding, the Malaysian business community and consumers are poised to enjoy additional services and broader delivery coverage.
“This additional funding will allow us to continue disrupting the local logistics market with our recently launched lorry and moving services. We are actively recruiting new lorry drivers to meet the demand of instantaneous large-scale deliveries,” he said.