Chinese urban delivery service firm Juma Peisong has raised RMB1.5 billion (US$215.93 million) in series C round of financing from global logistics solutions provider Global Logistic Properties (GLP) and Chinese investment firm Sino-Ocean Group.
Along with the new funding round, the company has also announced that it will launch new energy trucks in China to provide customised urban logistics service.
"We still have a large room to grow in China’s logistics market that is worth trillion yuan," said Bai Rubing, co-founder and chief executive officer of Juma Peisong, in a statement released on Monday on the company’s website.
Juma Peisong has completed a total of seven rounds of financing, including the latest round, and has expanded to establish 137 branch offices covering 61 cities across China.
The company had received undisclosed series B+ round of financing from Sino-Ocean Group in February, according to Chinese technology-focused news portal 36Kr.
Founded in 2011, Juma Peisong primarily engages in providing urban delivery services. The company started its business as a member in the traditional logistics industry in southwestern China’s Chengdu city, until it initiated a business model called "Internet plus urban delivery" in 2015 and officially marched into other cities in the country.
In the so-called "Internet plus urban delivery" business model, the company uses an online platform to provide logistics and a range of value-added services including truck rental, car sales and second-hand car sales.
The company counts Chinese delivery service firm SF Express, online retail marketplace Tmall.com and consumer electronics and home appliances firm Haier Group Corporation among its clients, according to the company’s website.
"It requires the accumulation of time and experience in both the truck rental business and the logistics industry," said Chen Li, co-founder and president of Juma Peisong.
The new funding will drive the company to enter a rapid development period, in which Juma Peisong will pay more attention to team construction, products and services upgrade, system improvement and the smart utilisation of logistics data.
Meanwhile, the investor in the new round, GLP, is partnering with Singapore’s sovereign wealth fund GIC, to establish a new fund in China to capture rapid growth in the country’s booming logistics sector.