Chinese Truck-Hailing App On Course for $10 Billion Valuation

Manbang Group is speaking to U.S.-based mutual funds and late-stage investors as it looks to raise $1 billion

Liza Lin and

Julie Steinberg

Aug. 8, 2018 7:10 a.m. ET

Manbang Group, a Chinese truck-hailing platform that counts Japan’s SoftBank Group Corp. and Alphabet Inc. as investors, is seeking to raise $1 billion in new funding, according to people familiar with the matter.

The company, which runs a mobile app matching merchants and truckers looking to transport cargo, will use the funds to expand its business in China. It is also seeking to build up a war chest for domestic acquisitions, a person familiar with the matter said.

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