Beijing's Uber-like trucking service to raise $1.7B - report

Tuesday, 10. November 2020 10:28

Full Truck Alliance, a Chinese company that offers services akin to those of Uber, but within the trucking industry, will try to raise approximately $1.7 billion ahead of its initial public offering scheduled for 2021, The Wall Street Journal reported on Tuesday citing people familiar with the matter.

The startup, known as Manbang Group in China, already raised $2 billion in 2018, when it was valued at $6 billion, with the report now adding that the most recent assessment valued the company's assets at $10 billion.

SoftBank and Alphabet were among the investors two years ago, along with Tencent Holdings Ltd, while the sources claim that Fidelity International and private-equity firm Permira will take part in the latest funding round.

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Breaking the News / BU