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Chinese startup Full Truck valued at nearly $12 billion after SoftBank-led round: Report


Full Truck Alliance has reached a valuation of practically $12 billion after the Chinese language truck providers startup raised $1.7 billion in a brand new funding spherical, based on two individuals with direct information of the matter.

The fundraising comes because the truck-hailing platform is planning an offshore preliminary public providing (IPO) as early as subsequent 12 months, the sources stated, with one in all them including that the venue is more likely to be New York.

The Chinese language firm on Tuesday introduced the completion of the fundraising, which was led by SoftBank‘s Imaginative and prescient Fund, Sequoia Capital, Permira and Constancy.

Full Truck Alliance, the results of a 2017 merger between truck service platforms Yunmanman and Huochebang, connects drivers with truck house owners and their mutual shopper base.

Current buyers, together with All-Stars Funding, GGV Capital, Hillhouse Capital Group, Tencent Holding and Yunfeng Capital additionally joined the funding spherical, the corporate stated.

Full Truck Alliance, usually described as China’s “Uber for vans”, didn’t instantly reply to Reuters queries on its valuation and IPO plans.

The sources declined to be recognized as the data is confidential.

The corporate, which has over 10 million registered truck drivers and over 5 million truck house owners on its platform, plans to make use of the funds for expertise, service and enterprise mannequin improvements.

On-demand logistics service in China is crowded, with Manbang, Huolala and Kuaigou as market leaders. Didi can also be hiring van drivers for logistics service.

Bloomberg News had earlier reported that the funding spherical on the Chinese language firm valued it at about $12 billion after funding.

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