Lalamove, the Hong Kong-based logistics and delivery company with major operations across Asia, is seeking a new funding round of at least $500 million and an $8 billion valuation from the round, Bloomberg reports.

The report comes in a year that a Covid-19 pandemic has widely accelerated the need for on-demand and e-commerce deliveries across Asia, with Lalamove a major beneficiary.

Lalamove is already well-funded and isn’t new to raising big rounds. So far, investors have lavished nearly $500 million on the company, investors including Shunwei Capital, Hillhouse Capital Group, and Sequoia Capital China.

Lalamove is known to be valued above $1 billion by its investors. The Hong Kong-based company was notably the first in the region to hit “unicorn” status, referring to a private valuation at or above $1 billion.

Lalamove was founded in 2013 by Stanford graduate and ex-professional poker player Chow Shing-yuk. It operates in 24 markets across, Asia, Latin America, and the US, with most of its business in China.

With over 700,000 driver-partners, Lalamove regularly ships out millions of parcels on-demand for its customers.

Photo credit: Lalamove

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