Lalamove raised $100 million for expansion into Indonesia

Lalamove raised US$100 million Series C funding for service expansion into Indonesia. Startup logistics headquartered in Hong Kong on Wednesday announced it was getting a new investment led by Shunwei Capital, a company founded by Xiaomi boss Lei Jun, to enter the Southeast Asian market.

Tinuku Lalamove raised $100 million for expansion into Indonesia

Lalamove said the fresh funds will be used to expand into Indonesia, Malaysia and Vietnam. They also intend to recruit more fleets and launch new features. Xiang He Capital and MindWorks Ventures as long-standing investors also participated in new funding.

"We are looking for cities with large populations and large areas. They need better logistics services," said Lalamove CEO Shing Chow.

Lalamove was established in 2013 and is now present in one hundred majority cities in China where they come with the Huolala brand. They have also launched services in Singapore, Bangkok, Manila, Taipei, and and Hong Kong. Startup already has over 2 million driver partners and 15 million registered users.

"Our top priority is to make a profit, so we can live by default. We do not want to rely on outside fundraising to survive," Chow said.

Chow said the company's profits are due to the quality of service they provide. Lalamove in Indonesia will compete head to head with other big players like Go-Jek, Deliveree, NinjaXpress and Trucktobee.