Shanghai-based logistics solutions provider Yimidida Supply Chain Holdings Ltd has garnered approximately 1 billion yuan ($143 million) in its Series D+ round from a set of undisclosed investors, per a company statement on Tuesday.
In January 2019, it had raised $266 million in its Series D round led by Chinese private equity firm Boyu Capital. Chinese private equity firm Hopu Investment and Source Code Capital also joined the round.
Later in June, it had secured undisclosed funding from BOCGI and Ningbo Tianshi Capital.
Global logistics major GLP is a long-time backer in Yimidida. In 2016, GLP had participated in its nearly 200 million yuan ($29 million) of financing in Series A and A+ rounds in 2016. Subsequently, GLP had also joined its 300 million yuan ($43 million) Series B round in 2017. A year later, GLP co-invested in the company’s 500 million yuan ($71 million) Series C round funding.
Yimidida, a trucking logistics group, owns the yimidida.com and UL Express brands. It uses artificial intelligence and internet of things to achieve digital transformation in logistics operation management. Established in 2015, Yimidida has expanded to 33 provinces, with more than 13,000 networks and 3,000 trucks.
The fresh proceeds will be deployed to finance investments in truck upgrades, distribution centres, and beefing up the team.
According to its recent media reports, the company is engaged in providing free logistics support, ferrying medical supplies and equipment, to central China’s Wuhan city, the epicentre of the coronavirus outbreak.
Besides Yimidida, other top logistics service players operating in the country include SF Express, Deppon Express, ANE, Dekun, Transfar, and Sanzhi Logistics.