Chinese courier firm Quanfeng Express has received funding from Yunfeng Capital, a private equity firm co-founded by Alibaba Group Holding’s Jack Ma, according to information posted on Quanfeng’s website.
The funding amounts to "several hundred million RMB," according to an internal email sent to staff by Quanfeng’s chairman, Chen Jiahai.
No other financial details of the investment were disclosed, but Quanfeng’s management will remain control of the company.
The email also says that Quanfeng and Yunfeng Capital began discussions in the beginning of the year, and Yunfeng Capital is bullish about the future growth of the courier and delivery services sector in China.
The proceeds of the investment will be used to expand Quanfeng’s existing network, improve marketing and client services.
Last February, Quanfeng received funding from Beijing Pengkang Investment, Leading Capital, and Phoenix Capital Asset Management. The investment reportedly amounted to RMB200 million (US$32 million).
Last November, Quanfeng received another round of funding from investors including Greenwoods Bloom Capital Management.
Founded in 2010, Quanfeng operates 59 logistic centers and has over 30,000 courier delivery personnel in China as of April 2014.
China’s logistics sector has seen some big deals lately. Last August, CITIC Capital Holdings Limited, Oriza Holdings and China Merchants Group formed an investor consortium to take less than 25% of S.F. Express, a Shenzhen-based logistics company.