Lalamove, Asia’s leading on-demand delivery and logistics service provider that originated in Hong Kong, closed USD 300M in its latest D1 round led by Hillhouse Capital and D2 round led by Sequoia China. This round of funding is another vote of trust from investors in the wake of Lalamove’s consistent growth.
The funding will be channeled towards achieving the primary goal of expanding Lalamove’s operations in Southeast Asia, India, Mainland China, and other untapped cities. Besides that, the funding will be used to propel Lalamove’s technological and innovation capabilities. More excitingly, this new development will open an opportunity for Lalamove to venture in the automotive industry.
“Technology is redefining what can be achieved in the logistics industry, and Lalamove’s outstanding management team has placed it at the forefront of this trend,” said Lei Zhang, founder, and CEO of Hillhouse Capital. “We have been impressed with the company’s success in Southeast Asia and Mainland China, and believe it is well-positioned to bring more efficient and convenient freight services to the sector.”
According to Neil Shen, Founder and Managing Partner of Sequoia China, “Shing, the founder and CEO of Lalamove, is a role model for Hong Kong’s new generation of innovative entrepreneurs. Shing returned to HK after completing his studies and plunged himself into the entrepreneurial wave of ‘Internet Plus,’ becoming a figure of entrepreneurial success”.
Shing shared in response, “I am very grateful to Hillhouse Capital Group, Sequoia China, and all the 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.”
Driven by technological innovation, well-run operations, efficient platform matching, and quality service, Lalamove has been able to differentiate itself from other players and secure a leading position in the industry. Since its very inception, Lalamove has stayed true to its global vision, and implemented a successful two-pronged strategy, focusing on both domestic and international markets. As a result, the company has emerged as one of the greatest enterprises in the Greater Bay Area. With Shing at the helm, the company will become an outstanding example of China’s homegrown global enterprises.
In addition to the tremendous growth of Lalamove’s business in Mainland China, its international business also accelerated, with its exponential growth in the Philippines as one of the main growth drivers, plus the expansion in 3 new countries including Malaysia, Indonesia, and most recently, India. In total, the company currently operates in 11 cities in Asia outside of Mainland China and anticipates many more cities in the near future with a strong focus on India.
Lalamove was launched in Manila, Philippines, in 2016, and has indeed helped businesses, big and small, in their logistical needs. It has also provided livelihood to many Filipino partner drivers. To date, Lalamove Philippines has grown to beyond 120,000 customers and more than 20,000 partner drivers, and these figures are expected to increase further with the recent expansion in Cebu City.
With this funding, the Filipino business clients, consumers, and partner drivers are poised to enjoy additional services and broader delivery coverage. “This funding will enable us to further empower communities through our services and technology, elevating the lives of partner drivers who can address the logistical needs of businesses and consumers. We are optimistic that through this, Lalamove can bring in positive change and help move the country forward.” – Dannah Majarocon, Managing Director of Lalamove Philippines.