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Results from 'Magnificent Seven' duo show cloud revenue boosted by strong AI demand

Hong Kong's Lalamove confidentially files for U.S. IPO - Bloomberg

Reuters
·1 min read

(Reuters) - Lalamove, a Hong Kong-based logistics company, has confidentially submitted paperwork with U.S. regulators for an initial public offering, Bloomberg reported on Wednesday, citing people with knowledge of the matter.

The company, which is known as Huolala in China, is looking to raise at least $1 billion through the IPO, according to the report.

Lalamove did not immediately respond to a Reuters request for comment.

Founded in 2013 as a mobile app-based on-demand delivery service, Lalamove launched its operations in Dallas-Fort Worth area in October last year. It also has operations in Chicago and Houston, its website showed.

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It was operating in 21 markets across Asia and Latin America prior to launching in Dallas.

The company has more than 7 million users with a pool of over 700,000 delivery partners as of October last year.

(Reporting by Sohini Podder in Bengaluru; Editing by Anil D'Silva)