Leading On-demand Delivery and Logistics Service Provider Lalamove has announced that it has raised $300-million (about 15-Billion pesos) seed funding from Hillhouse Capital and Sequoia China.
According to Lalamove, the funding will be channeled towards achieving the primary goal of expanding Lalamove’s operations in Southeast Asia.
In a press statement, Lei Zhang, founder and CEO of Hillhouse Capital, said, “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.”
“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,” adds Zhang.
Neil Shen, Founder and Managing Partner of Sequoia China, shares his insights on the expansion of Lalamove. “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.”
Since its 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.
In the Philippines, Lalamove was launched in 2016, and has indeed helped businesses, big and small, in their logistical needs. The company 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.
Meanwhile, Dannah Majarocon, Managing Director of Lalamove Philippines, explained that with this funding, the Filipino business clients, customers, and partner drivers are poised to enjoy additional services and broader delivery coverage. “This funding will enable us to further empower communities through our technology and services, 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,” she said.