This Week as it Happened VII

2021-02-13 Ududu

LALAMOVE SERIES E FUNDING

Lalamove also known as Huolala in Chinese has successfully raised $515 million in Series E funding led by Sequoia Capital China. The CEO has made it clear the fresh funding shall be leveraged for making entry into lower-tier Chinese cities. Lalamove, an on-demand logistics and delivery firm was founded in 2013 by Stanford graduate Chow Shing-yuk and currently operates in 24 markets across Asia, Latin America and the US with a pool of over 700, 000 driver partners, according to its website. Although the company experienced a 93% drop in shipment volume at the beginning of the year due to the pandemic, it rebounded as order volume increased by 82% year-on-year before the 11th of November, 2020.

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