LatAm List – Manbang Group, a Chinese truck-hailing firm, invested an undisclosed round in the Brazilian car and cargo-matching platform, TruckPad, as part of the Chinese unicorn’s international expansion plans.
Manbang is the largest Chinese truck logistics company formed from the merger between Yunmanman and Huochebang, offering services for trucks that imitate Uber’s model of connecting service providers with customers.
The Chinese company has begun its international expansion by investing in TruckPad, the Brazilian truck-hailing platform. Manbang Group is also actively competing in the Latin American market with the Hong Kong-based company Lalamove, which completed its first transaction in Brazil in August.
Road freight in Brazil accounts for about 60% of total transport, creating the perfect market for the Chinese unicorn’s expansion into Latin America.
“TruckPad and its founding team have rich logistics experience, innovative ideas, and deep local insights, which will lead the platform to achieve greater development and promote the logistics technology in Brazil and throughout Latin America,” comments Manbang Group CEO, Zhang Hui.
The Chinese unicorn intends to use its operational experience and technology to promote the growth of TruckPad in Latin America, helping it expand across the region and establish itself at the forefront of the truck-hailing logistics industry.
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