Only nine months after raising the US $ 30 million in the Series B -round, Lalamove, a Hong Kong -based on -demand logistics startup, announced today (October 11) that it has newly raised 100 million dollars.
Series C led by SHUNWEI CAPITAL (Lei Jun = Lei Jun = Thunder Army), which was founded in SHUNWEI CAPITAL, and existing existing XianG He Capital and Mindworks Ventures.Investors participated.The company's total funds have been published and the company is $ 160 million, the highest in the industry.
The company is currently operating in 100 cities in Huolala (Loan Roan) and Lalamove in other areas, and has already achieved the level set as a goal at the end of 2017.
Many of the deployment areas are in China, saying Lalamove's "market penetration rate is 80 %" in Japan, said SHING CHOW (Zhou), the company's founder and CEO.The rest are Southeast Asian and East Asian cities, Singapore, Ho Chi Minh City, Bangkok, Manila, Taipei, and of course Hong Kong.
Newly acquired funds will be used for business expansion in Vietnam, entering Malaysia and Indonesia, as well as recruitment and new functions.
SHING CHOW said:
We are paying attention to the cities that have reached the critical mass, that is, major major cities.There are many divisions here, so I need to improve logistics.
The size of the logistics market in China is equivalent to $ 1.7 trillion.The industry accounts for 15 % of the economy in Southeast Asia.
CHOW, who has been working at a consulting company Bain, established Lalamove in 2013 based on a few years of professional poker award.At that time he was fascinated by his Uber.And he wanted to apply the same concept everywhere.
Lalamove recruits truck drivers who deliver the last mileage for clients and collect fees like Uber.Anyone can use the app, but unlike Uber, most of them are small and medium -sized businesses (SME).Currently, there are 2 million truck drivers and over 15 million registered users.
CHOW told Tech in ASIA that some cities could secure profit.
The easiest thing for a startup is to use funds to prove that you have a market.When someone pays the service, you just need to show the need for a product.We have made this a top priority for securing revenue.This is not "default is death", but to make the default raw.I don't want to rely on external funds to survive.
Lalamove states that the financial track record has been achieved thanks to the consistency of the provided services and the type of customer targeting customers.It is not difficult to maintain SME royalty.This is because transaction results and service quality are more decisive than discounts.In this regard, it is different from individual customers who can easily transfer services using sales promotions.
BLAKE LARSON, who led international businesses, had previously talked about a strategy to Tech in ASIA that was unrelated to subsidies.In fact, the company's management is efficient, with only 1,500 employees in 100 cities.According to him, in China, hundreds of companies, a company in the same industry, were in the same industry, but most of them collapsed after a price reduction battle.
Now there are only two companies, including our company.(Larson)
Another company is a WUBA spin -off from the Chinese Classified Site 58.com (58).
In Southeast Asia, there are competitors such as Gogovan and Deliveree, as well as Ninja VAN, which raised $ 30 million in the last series B -round.
Lalamove is working on new features that companies can access more tracks directly.The API integrated services are also available, so the client is accessible via the company's delivery management system, not his Lalamove app.
He also wants to further reduce the average delivery time by the driver currently taking 46 minutes.CHOW says:
Delivery information is processed instantly, but the delivery of actual items is still slow.I want to change this.Our goals are not limited to business expansion.It is a place to enhance the order and consistency.
[Via Tech in Asia] @Techinasia
[Original text]