Ride-hailing giant Didi’s newly-launched land freight unit Didi Huoyun is about to collect USD 1.5 billion in its Series A round, according to a 36Kr report. Led by Temasek Holdings, which is also an investor of parent Didi Chuxing, Citic PE, and IDG Capital, the fundraising is scheduled to close in February.
Didi Huoyun provides inner-city and short-distance logistics services in China with small and medium-sized vans and trucks. It has been reported that since starting operations in June 2020, Didi Huoyun already has taken more than half of the local market in cities such as Chengdu and Hangzhou. 36Kr said the company plans to cover other major cities in China by 2021.
Didi is a latecomer to the sector of on-demand logistics. Its competitor Lalamove, founded in 2015, already operates in 352 cities right now and has been actively fundraising in recent months, KrASIA reported.
Read this: On-demand logistics firm Lalamove valued at USD 10 billion after new round
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.