Hong Kong-based Lalamove, a logistics services startup, has bagged $300 million in a Series D funding round in two tranches.
Lalamove will use the fresh capital to bolster its technological and innovation capabilities in China and Southeast Asia, extend its presence in India and enter new businesses such as car sales.
The first tranche was led by Hillhouse Capital whereas the second tranche was led by Sequoia China. Other backers that joined the Series D round include Eastern Bell Venture Capital, PV Capital and existing backers including Shunwei Capital, Xiang He Capital and MindWorks Ventures.
The Series D financing round valued Lalamove at more than $1 billion.