Dec 03, 2018 (China Knowledge) - Shanghai-based cloud logistics services provider Keking has completed RMB 1 billion series C funding round led by Ant Financial and Centurium Capital.
Other investors which participated in the funding round include Sequoia Capital China, Tebon Securities and Shanghai Tengyi Industrial.
The latest investment comes as Alibaba is looking to invest more than RMB 100 billion to develop its own smart logistics network. Alibaba is currently doubling down on its logistics investment after acquiring the Cainiao logistics network for USD 810 million.
With Keking, Alibaba hopes that this strategic partnership will allow the two companies to create a platform of data and services that caters to micro, small and medium enterprises and delivery drivers.
Logistics expenses amounted to RMB 12 trillion last year or 15% of the country's GDP, much higher than that of most developed countries. This is because many small businesses and individuals in the logistics industry lack collateral options, information and financial transparency.
Keking hopes to solve these issues through the use of technology to digitalize the logistics industry and solve the high transportation and financing costs faced by small enterprises. The logistic firm provides a platform which fully integrates online transportation, cargo, vehicle and capital management.
Since 2015, the firm is said to have served more than 10,000 small and micro logistics companies and 1 million drivers across 25 provinces.
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