Chinese e-commerce firm JD.com’s logistics subsidiary, JD Logistics, has led a RMB150 million (US$23 million) financing round in truck logistics firm Fuyoukache to strengthen its capabilities, the company announced on its official Wechat account.
Existing investors Legend Capital, Eastern Bell Venture Capital and Singapore-based Global Logistic Properties Ltd. (GLP) also participated in the round, which brings Fuyoukache’s total series C to US$59 million after its RMB250 million (US$36 million) series C round led by Legend Capital completed in March 2017.
JD.com has been doubling down its investments in logistics. During the past year, JD.com partnered with automotive manufacturers SAIC Maxus Automotive Co., Ltd. and Dongfeng Motor Corp. to conduct research into the use of autonomous vans in its logistics business.
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