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04
Nov
2017
Truck Alliance Turns into a Unicorn

Truck Alliance Turns into a Unicorn

04 Nov 2017


Truck Alliance is a Ubertype Chinese company for heavy vehicles and a global "unicorn".

Guiyang Huochebang Technology Co Ltd, or Truck Alliance for short, is one of 55 startups in China worth more than $1 billion, consultancy CB Insights reported.

"Huochebang impressed us a lot with its business model, scale of platform and operation," said Wu Wenjie, a managing partner at Baidu Capital, which is part of online giant Baidu Inc.

"It has a deep understanding of China's logistics market and has established the largest and the only nationwide matching system between truckers and shippers, holding a dominant position in this sector," Wu added, pointing out that Baidu Capital is a major investor in the startup.

Earlier this year, Truck Alliance received $56 million in series B-3 funding, led by All-Stars Investment Ltd, a specialized hybrid fund.

More than $327 million has been raised through series B funding.

Naturally, big data has played a crucial part in Truck Alliance's success as it helps connect drivers with commodities which need transporting. It is also vital to run the app's truck sales and auto finance services.

By the end of July, Truck Alliance had 4.5 million registered vehicles and 880,000 corporate customers.

More than 140,000 transactions go through the company's books each day with total freight charges exceeding 1.7 billion yuan ($260 million).

Source: ChinaDaily

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