AirAsia Group Bhd‘s logistics venture arm Teleport is looking to raise about $50 million to $100 million in a Series A funding round, Bloomberg reported on Tuesday.

The transaction will mark the company’s first external funding, its Chief Executive Officer Pete Chareonwongsak told the newswire by email. Teleport was founded in 2018 with $3 million in seed funding from AirAsia Digital, he reportedly said.

Teleport is valued at $300 million in a deal announced in August where it acquired Malaysia food delivery platform Delivereat at $9.8 million.

Founded in 2018, Teleport is a venture under Airasia Digital. Leveraging on AirAsia’s network, Teleport’s ambition is to deliver door-to-door in under 24 hours across Southeast Asia. Currently, Teleport is present in Malaysia, Thailand, Indonesia, the Philippines, India, Singapore and China.

Teleport posted an EBITDA of MYR3.17 million (~$748,500) in the first quarter of 2021, down from MYR63.18 million (~$14.9 million) in Q1 2020, according to AirAsia’s financial statement. The other businesses under AirAsia Digital including AirAsia Super App, BigPay and other digital entities were still loss-making.

AirAsia’s logistics arm Teleport to acquire food delivery platform Delivereat for $9.8M