Deals
China's Uber for Trucks Is Said Close to Up to $1 Billion Round
- Full Truck Alliance is said to be valued at $9 billion in deal
- The startup is said to eye 13 billion yuan of 2018 revenue
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Full Truck Alliance Group is close to securing as much as $1 billion in new funds to replenish its war chest and jumpstart an expansion into driverless technology, according to people familiar with the matter.
China’s biggest online marketplace for long-haul deliveries is in advanced negotiations with new and existing backers including SoftBank Group Corp. and Tencent Holdings Ltd. on a funding that could hike its valuation by as much as 40 percent to $9 billion, the people said, requesting not to be named discussing private deals. But that’s lower than an initial target of $10 billion, reflecting cooling sentiment toward tech companies, the people added.