LINE

Text:AAAPrint
Economy

China truck-hailing firm raises $1.9 bln

1
2018-04-25 09:29Xinhua Editor: Gu Liping ECNS App Download

Manbang Group, the "Uber of China's truck industry," announced on Tuesday that it raised 1.9 billion U.S. dollars in the first round of fundraising after the merger of two rivals last year.

China Reform Fund and SoftBank Vision Fund led the fundraising round, according to the company, which helps match truck drivers and people with goods to be transported.

Other investors include CapitalG, Farallon Capital, Baillie Gifford, GSR Ventures, Tencent and Sequoia Capital.

The fund will be used to improve customer experience and expand new business and markets, the company said in a statement. It will explore using new energy vehicles and automatic driving technology, expand overseas and continue to invest in logistics infrastructure.

Two rivals, Huochebang and ymm56.com, announced a strategic merger last November and the new company was named Manbang Group, also known as Full Truck Alliance Group.

More than 5 million of the 7 million trucks running on China's arterial roads and 1.2 million of the country's 1.5 million logistics firms are members of Manbang Group, the firm said.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.