GOGOVAN merges with 58 Suyun becoming the largest intra-city logistics platform in Asia
August 29, 2017 |
Hong Kong, August 29, 2017
(29th August 2017 - Hong Kong) GOGOVAN, the first mobile app logistics platform in Asia, announced that it has merged with 58 Suyun, a business unit under 58 Home which is the largest intra-city logistics platform in China. Established 4 years ago in Hong Kong, GOGOVAN currently operates in eight cities in China under the name “Kuaigou”. The merger will expand its service area in mainland China, making it the largest intra-city logistics platform in Asia, covering over 110 cities, with more than 1.2 million registered drivers in its network. As a shareholder of both GOGOVAN and 58 Suyun, Alibaba fully supports the merger. China Renaissance acted as the exclusive financial advisor for both companies.
Steven Lam, a co-founder and the CEO of GOGOVAN, will be the CEO of the new company. He will be responsible for the management as well as strategic development of the new company's operations. Moving forward, GOGOVAN will integrate the B2B business of Kuaigou and B2C business of 58 Suyun, and will engage new large and medium-sized enterprises, wholesale clients and individual users, offering both comprehensive and highquality logistics experience to a broader market. The new company will fully expand the business scale of both GOGOVAN and 58 Suyun, benefiting a wider range of users in Asia and increasing the market share in the region.
With only HKD 20,000, 5 Hong Kong youngsters founded GOGOVAN in 2013. Through gradual expansion, GOGOVAN successfully revolutionized the traditional logistics landscape and introduced efficiency to the industry, becoming one of the most successful startups and well-known brands in Hong Kong. Since its inception, GOGOVAN has received the investment of many investors, including Singapore's private equity Centurion, Renren Inc., Mfund, New Horizon Capital, Alibaba Hong Kong Entrepreneur Fund, Singapore Press Holdings and Taiwan's Hotung Investment. GOGOVAN will continue to provide excellent services in Hong Kong, grow its existing markets in mainland China, Taiwan, Singapore, Korea and India, and develop new markets in the Asia Pacific region, with an eye to becoming a publicly listed company.
As a business unit under 58 Home, 58 Suyun started its operation in September 2014. It mainly provides convenient services such as house moving and freight delivery. A leader in China’s intra-city logistics market, 58 Suyun brings comprehensive and speedy experiences for individual consumers. Besides online order placement, 58 Suyun offers services of online direct payment and service evaluation, allowing users to experience the entire O2O logistics process online. At the moment, it serves more than 100 cities and owns more than 1 million registered drivers.