Cainiao Network, a three-year-old logistics affiliate of Alibaba Group, has completed its maiden round of fundraising, drawing contributions from heavyweight Singapore investors GIC and Temasek amongst others, the company said in an e-mailed statement on Monday.
Cainiao declined to specify the amount raised. However, Chinese financial publication Caixin earlier reported, citing unidentified sources, that the company had amassed about Rmb10 billion $1.54 billion, valuing the logistics start-up at nearly Rmb50 billion $7.7 billion.
The Shenzhen-based online logistics platform, which connects delivery companies, warehouses and distribution centres, also secured investments from Malaysia’s Khazanah Nasional Bhd and China’s Primavera Capital...
