Google and the Japanese will invest in the Chinese freight exchange platform
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Alphabet Corporation, which belongs to Google, and the Japanese Softbank Group are among investors who intend to put 1.9 billion dollars to support the Chinese company Manbang, referred to as the Chinese „Uber for trucks.”
Wang Gang, CEO of Manbang, formally known as the Full Truck Alliance Group, said in a statement that the company will use most of the funds raised for „recruiting talent,” reports Reuters.
Manbang launches an application that allows shippers to work with truck drivers. This is a reaction to the high demand for transport services in China, which is currently one of the busiest outlets for transporting goods.
The Chinese „Uber for trucks” aims high
Money from investors will help the Chinese company to develop new business areas and markets.
The deal with investors led Manbang’s development to a new stage – added director Wang. He stressed that a substantial investment amount would help the company „become the world’s largest platform providing transport services.”
Currently, according to Manbang data, the Full Truck Alliance Group owns approximately 5.2 million of the 7 million trucks used for road freight transport. According to wccftech portal, Manbang will also offer loans and insurance to independent truck operators. Truck drivers in China could theoretically get a loan to buy a truck and find loads to start their business through the platform.
Photo: Wikimedia / Anthony Maw CC SA 3.0