Truck Alliance Inc., a China-based Uber-like service also known as Huochebang, has raised $156 million, boosting its valuation to over $1 billion. Above, trucks load goods at a container terminal in Lianyungang, Jiangsu province, on Nov.21. Photo: Visual China (Beijing) — Truck Alliance Inc., a China-based Uber -like service also known as Huochebang, which connects truck drivers with cargo, has raised $156 million to fuel the online freight dispatcher in an increasingly competitive logistics sector.
The funding round announced Tuesday is led by Baidu Capital, the 20 billion yuan ($2.9 billion) investment arm of China’s main search engine, Baidu. The funding propels the valuation of Guiyang Huochebang Technology Co. Ltd. to well over $1 billion.
Huochebang is being rewarded for shaking up a fragmented trucking industry composed mostly of independent contractors, which is still responsible for carrying more than 75% of the nation’s commercial cargo. The Guizhou-based internet dispatcher service — like its chief rival, Shanghai Xiwei Information Consultation Co. Ltd., which is known as Yunmanman — said it is helping China’s 5 million truck drivers save more than 60 billion yuan a year in fuel costs by identifying more-efficient routes and making sure drivers don’t run out of fuel en […]