Lalamove – a name that emerged in recent times for offering logistics on-demand in China and across Asia has closed $10 million in funding as it targets profitability this year. Lalamove, also known as EasyVan is now reached to $30 million raised from investors to date.
The company started as a small start-up in Hong Kong working out from an apartment and has grown to 19 cities across Asia in the last two years.
Founder and CEO Shing Chow said “this money will help the two-year-old company reach profitability by the end of this year thanks to a planned series of city expansions”. The startup said it is on track to expand its presence to 49 cities this year as planned.
Lalamove is technically rivaled by existing, legacy players. Other on-demand startups in their space do include fellow Hong Kong-based GoGoVan. The company now has developed enterprise solutions to allow companies like Google, IKEA, and now LINE to make their delivery much faster and simpler which is being the growth fuel for the logistic player in the run.