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A Chinese startup that offers truck-hailing services is raising almost $2 billion ahead of its planned 2021 initial public offering, the Wall Street Journal reported.
The Uber-style service, known as Full Truck Alliance, is valued at $10 billion ahead of the capital fundraising.
The company counts a number of prominent names among its investors including Japan’s SoftBank and Google parent Alphabet.
Full Truck Alliance claims it is China’s largest truck-hailing company.
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A Chinese startup that provides Uber-style services for trucks is seeking to raise $1.7 billion ahead of its planned IPO next year, WSJ reported on Tuesday.
Full Truck Alliance, also known as Manbang Group, is valued at $10 billion ahead of the fundraising, the Journal said, citing sources.
The company claims it is China’s largest truck-hailing company. Through a mobile app, it helps connect truck drivers with businesses that need to ship goods domestically and provides after-services like truck fuel, auto insurance, and auto financing.
The startup has a number of high-profile investors including Japan’s SoftBank, Google parent Alphabet, Sequoia Capital China, Tencent Holdings, and GGV Capital. Fidelity International and British private-equity firm Permira plan to participate in its latest funding round, WSJ said.
Guiyang-based Full Truck Alliance, which operates across 300 cities in China, was created out of a merger of two logistics companies: Yunmanman and Huocheban. A large chunk of the freight trucks and logistics enterprises are members of Manbang, according to reports.
Full Truck Alliance did not immediately respond to Business Insider’s request for comment.
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Source:: Businessinsider – Finance