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China’s Uber For Trucks Seeking $ 1 Billion Funding

Source: The Wall Street Journal

Manbang Group, a Chinese truck-hailing platform is seeking to raise US$1 billion in a new funding round at a valuation of $10 billion, according to the Wall Street Journal.

The funds raised will be used for expanding the companies’ business in China, as well as potential domestic acquisitions in industries such as autonomous trucking, according to the report.

Manbang Group, nicknamed China’s “Uber for trucks”, was started in southwest Guiyang in November 2017 by the merger of Chinese Uber-like truck logistics unicorns Yunmanman and Huochebang. It focuses on connecting truck drivers with shippers, and providing an after-service platform which covers truck fuel, auto insurance, auto financing and other services. Currently, it has over 5.2 million truck members and 1.25 million logistics company members.

Also known as Full Truck Alliance Group has been nicknamed China’s “uber for trucks” and has attracted the previous backing from the likes of SoftBank and Alphabet Inc.

In April this year, Manbang raised a US$1.9 billion round led by Softbank Vision Fund and China Reform Fund, a private equity firm backed by China Reform Holdings Corporation Ltd and others.