Hong Kong’s GoGoVan raises $250M from investors including Alibaba’s logistics subsidiary
Summary
Logistics on-demand service GoGoVan became Hong Kong’s first billion-dollar startup via a merger last year, and now is doubling down on growth after raising $250 million in new capital. The company plans to use the money to expand its business into new markets, and in particular India and Southeast Asia, having focused on China primarily to date. Together with 58 Suyun, GoGoVan claims to cover 300 cities with some eight million registered users and 2,000 staff. While GoGoVan’s exit was its merger, Lalamove is looking to remain independent and it has begun thinking about an IPO, which could take place in Hong Kong, its head of international Blake Larson told TechCrunch. Uber’s Cargo service, for example, offered on-demand logistics in Hong Kong but it didn’t live long before being shuttered.
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