Alibaba's logistics affiliate Cainiao Network has completed its first round of fundraising from institutional investors since it was formed in 2013.
Singapore's sovereign wealth fund Government of Singapore Investment Corp, Temasek Holdings, Malaysia's investment fund Khazanah Nasional and China's venture capital firm Primavera Capital have invested in the firm, said an e-mail statement yesterday. The investment amount was not specified.
Cainiao was set up in 2013 when Alibaba and a group of Chinese logistics companies pledged to inject 100 billion yuan ($15.4 billion) over five to eight years to develop a national smart logistics network.
Cainiao currently boasts more than 180,000 service points and 128 warehouses.
