Hong Kong-based on-demand delivery and logistics startup Lalamove today announced that it has raised US$300 million in a D1 round led by Hillhouse Capital and D2 round led by Sequoia China.

Eastern Bell Venture Capital, PV Capital, and existing investors such as ShunWei Capital, Xiang He Capital, and MindWorks Ventures also participated in the funding round.

The funding round followed a US$100 million Series C funding round that the company has announced in October 2017.

In a press statement, Lalamove said that the funding will be used to strengthen technological and innovation capabilities in China and Southeast Asia; geographical expansion into India; and expansion to new vertical such as car sales.

Also Read: Lalamove to launch same-day delivery service in Bangkok this June

Lalamove entered the Mainland China market in 2014. It had also expanded to Malaysia, Indonesia, and most recently India. Its service is now available on 11 cities outside of Mainland China, with more in the pipeline.

The company said that it has more than three million registered drivers and served more than 28 million users.

In a press statement, Lalamove Founder and CEO Shing Yuk Chow said that in the past five years, the total share of China’s logistics industry over GDP has decreased from 18 per cent to 14.6 per cent, which means that the industry is “becoming more cost efficient.”

“We are convinced that the impact of deepening internet penetration and new technologies will continue to drive efficiency within the logistics sector, and Lalamove is well-positioned to be at the forefront of transformation,” he said.

Image Credit: Lalamove