Lalamove to expand to 100 Asian cities
Hong Kong-based logistics startup Lalamove has raised US$30 million in Series B funding to enable it to push into more than 100 cities in Asia by the end of the year.
It is already established in 45 cities across China and Southeast Asia.
Since it launched as EasyVan in 2013, the company has raised a total US$60 million in funding, with its latest round being led by Xianghe Capital from Beijing, with Blackhole Capital participating as a new investor. Previous investors Crystal Steam and Mindworks Ventures also contributed.
Lalamove MD Blake Larson says the company is close to being profitable.
Lalamove says it already has the largest service area for intracity deliveries in Asia with more than 500,000 drivers using the platform. More than 5 million people have used the service.
Founder/CEO Shing Chow said he believes the logistics industry is underpenetrated by mobile platforms, citing the US$1.7 trillion market in China as an example.
“The evolution of the logistics industry has not been as rapid as some other markets like communication, but we believe we are at a tipping point where transformation will now happen very rapidly.”
Dubbed the “Uber for logistics” because it applies the on-demand economy to the delivery industry, Lalamove lets users choose pick-up and drop-off points, type of vehicle and either “advance booking” or “immediate delivery”.
A company can schedule up to 20 stops per order, customise an account with “favourite drivers” and use one-click optimised routing to save time, reports E27.
In Thailand, Lalamove partnered with Japanese chat company Line to set up Line Man so its user base could buy and deliver documents, packages, groceries and food items.
In November, the company expanded into the Philippines, where its option to request round-trip deliveries for cash-on-demand was important.
The company rebranded from EasyVan in November 2014, ahead of its Bangkok launch.