Chinese third party logistics provider Yunniao Delivery has announced the completion of USD 100 million in Series C financing lead by Warburg Pincus, followed by Sequoia Capital China, Matrix Partners China and GSR Ventures, Tencent Tech reported on Monday.
According to Tencent Tech, this round of financing will be spent on R&D, improving the company’s security system and service quality, standardization, and expanding to new cities.
Yunniao means “cloud bird”. The delivery platform was founded in November 2014. It provides regional and intercity delivery services for retailers, distributors, big brands and manufacturers. Clients post their transportation requirements on the platform and drivers bid for the highest paying jobs.
The platform now covers 16 first-tier Chinese cities including Beijing, Shanghai, Guangzhou and Shenzhen. It has over 2000 clients, and daily income has surpassed RMB four million (USD 60.5 million). The platform has 100,000 registered drivers, and the number is expected to exceed one million at the end of this year.
In January, 2015, the platform received USD 10 million in Series A financing from Matrix Partners China, GSR Ventures, and Shanda Capital. In July, it received tens of millions of USD in Series B financing from Sequoia Capital China, Matrix Partners China, GSR Ventures, and Shanda Capital.