J&T Express Raises $2 Billion In Latest Funding From Temasek, Other Investors Ahead of Hong Kong IPO

Delivery company J&T Express raised $2 billion in a funding round late last year from Temasek Holdings, Hillhouse Capital, Boyu Capital, and Sequoia Capital China that valued the company at $20 billion, Bloomberg News reported, citing people familiar with the matter.

In edition to Temasek, J&T Express managed to get several new investors, including the Chinese investment arm of Susquehanna International Group, and Hidden Hill Capital, the private equity platform in China of logistics-focused investment manager GLP.

The company plans to use the funds to back the expansion of its global delivery network and cross-border businesses and to digitize its warehouse centers and business operation.

J&T Express did not immediately reply to requests for comment.

Founded in August 2015 by Jet Lee and Tony Chen, J&T Express is an international delivery company, with its main business in express services and cross-border logistics. The company network spans 10 countries including China, Indonesia, Vietnam, Malaysia, Thailand, the Philippines, Cambodia, Singapore, the UAE, and Saudi Arabia, and currently serves over 2 billion people according to a statement.

The company recently entered the China market by acquiring courier business, Best Inc for $1.1 billion last October. It also just set up its MENA regional headquarters in Riyadh, the capital city of the Kingdom of Saudi Arabia, and build the largest smart logistics industrial park in the region together with eWTP Arabia Capital and other partners.

Several unicorns in Southeast Asia are planning to have an IPO this year, such as Indonesia GoTo that has an estimated value of $30 billion.