The Alibaba and Foxconn-backed e-commerce logistics company is raising the money in an IFC-backed round intended to precede an initial public offering.

Best Logistics, a China-based logistics services provider that counts e-commerce group Alibaba and contract manufacturing firm Foxconn as investors, is raising $700m in funding, the Wall Street Journal reported on Friday.

International Finance Corporation, the investment arm of the World Bank, has disclosed that it is considering an investment of up to $30m as part of the round, which is being raised in advance of a planned initial public offering.

Founded in 2007, Best Logistics supplies warehousing and delivery services…