Hong Kong-based on-demand logistics and delivery firm Lalamove is said to be considering to raise about $500 million in new funds at a valuation of around $10 billion, Bloomberg reported on Thursday, quoting people familiar with the matter.

The startup is gauging interest from potential investors, one of the people said. The company had also been weighing a $1 billion Hong Kong initial public offering (IPO) after preparations for a debut in the US stock market stalled, Bloomberg reported last year. The listing could proceed later than anticipated due to market volatility, the people added.

Discussions are still ongoing and the fundraising target and valuation of the firm could still change, the people reportedly said. Lalamove has yet to respond to TechNode Global‘s query at press time.

Founded in 2013, Lalamove provides van-hailing and courier services on demand in markets across Asia and Latin America. Lalamove said it matches over 8 million users with a pool of over 15,000,000 drivers of vans, trucks, lorries and motorcycles to provide a 24/7 on-demand delivery service.

In 2020, Lalamove raised $515 million in Series E funding, led by Sequoia Capital China Fund, with participation from Hillhouse Capital and Shunwei Capital–all returning investors.

Featured photo credit: Lalamove

On-demand logistics platform Lalamove raises $515M Series E for China expansion