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Alibaba's logistics arm completes fundraising with Temasek, GIC, Khazanah
[SHANGHAI] Alibaba Group Holding Ltd, China's biggest e-commerce company, has completed a funding round for its logistics arm Cainiao, the company said on Monday.
Investors include Singappore's Temasek Holdings and GIC Pte Ltd, Malaysia's Khazanah Nasional Bhd and China's Primavera Capital, Alibaba said.
This is the first funding round since Alibaba founded Cainiao three years ago, the company said.
Alibaba is seeking to take a lead role in developing China's fragmented package delivery industry, as e-commerce spreads beyond urban hubs.
In partnership with delivery businesses, Cainiao crunches reams of data on everything from order trends to delivery routes and weather patterns to increase efficiency.