The logistics service, backed by Alibaba and a host of other corporates, has reportedly raised funding at a $7.7bn valuation, illustrating the effect e-commerce has had on the logistics sector.
Cainiao, the China-based logistics affiliate of e-commerce group Alibaba, received funding from a range of investors today in a round reported by Caixin to be sized at more than RMB10bn ($1.54bn), indicating the increasing sums being injected into the logistics VC space.
The funding, raised at a $7.7bn valuation according to Caixin, was provided by Singaporean state-owned funds Temasek Holdings and GIC, Malaysia’s Khazanah Nasional, which acts as Malaysians sovereign investment fund, and China-based investment firm Primavera Capital.
The round…
