ZTO Freight Completes B Round of Financing Worth Over $300 Million
ZTO Freight announced on Wednesday that it had completed a B round of financing exceeding $300 million. The fresh funds will be used to increase investment in information system R&D, new infrastructure construction and professional talent.
Previously, ZTO Freight completed round A and round A+ financing in June 2018 and May 2020, respectively, with a total investment exceeding $100 million.
Founded in 2016, ZTO Freight is an fast express unit under ZTO, providing one-stop logistics services for enterprises and individual customers. As of July 2021, the company has more than 13,000 service outlets, 72 distribution centers and more than 3,200 self-owned transport vehicles, with a daily capacity of 45,000 tons. During the annual promotional shopping period “Double Eleven” this year, the freight volume of ZTO Freight exceeded 340,000 tons, up 24.5% year-on-year.
Since the beginning of this year, the express delivery industry has developed rapidly. At the end of October, Best Inc. announced that it would transfer its express delivery business in China to J&T Express, so as to focus on the integration of supply chains, express delivery and international business. On November 11, Ane Logistics, an LTL express enterprise, was listed on the HKEx.
SEE ALSO: J&T Express Officially Invests in Best Inc. After $1.1 Billion Acquisition
At present, the main players in the domestic LTL market include SF Express, Deppon Express, Ane Logistics, Yimidida, Best Express, Zhongtong Express and so on.