Manbang Group, a Chinese truck-hailing platform is looking to raise US$1 billion in a new funding round, according to the Wall Street Journal.
The funds raised will go towards expanding Manbang’s China business, as well as potential domestic acquisitions in industries such as autonomous trucking, according to the media report.
Manbang Group was created in November 2017 by the merger of Chinese Uber-like truck logistics unicorns Yunmanman and Huochebang.
The firm connects truck drivers with shippers, and also provides an after-service platform which covers truck fuel, auto insurance, auto financing and other services. It has over 5.2 million truck members and 1.25 million logistics company members.
Also known as Full Truck Alliance Group has been nicknamed China’s “uber for trucks” and has attracted the previous backing from the likes of SoftBank and Alphabet Inc.
In April this year, Manbang raised a US$1.9 billion round led by Softbank Vision Fund and China Reform Fund, a private equity firm backed by China Reform Holdings Corporation Ltd and others.
If this round is successful, the Guiyang-based company’s valuation will stand at $10 billion, shooting up from $6 billion since its last raise.