The fund will focus on logistics technology developers and boasts JD Logistics, parent company JD.com and unnamed additional corporates among its limited partners.
JD Logistics, the logistics services provider spun off by China-based e-commerce group JD.com, raised RMB1.5bn ($218m) yesterday for a strategic investment fund, Reuters reported.
JD Logistics and JD.com itself are among the limited partners for the fund, along with several undisclosed public companies and government-led funds, according to Chinese news source Jiemian.
The vehicle will focus on the logistics sector and will complement JD.com’s existing investment team, which has a remit to invest in a wider array of industries.
The entity also adds to a fund launched by JD.com’s property management arm in partnership with Singapore’s sovereign wealth fund, GIC, which had secured $698m as of February this year, according to a regulatory filing.
JD Logistics was spun off in 2017, when it began offering its delivery and warehousing services to external clients.
The company was reportedly looking to raise at least $2bn in a funding round co-led by Sequoia and Hillhouse Capital in January 2018, but has not provided an update. It has yet to turn a profit, suffering from a $407m loss in 2018.
