- Indonesian startup J&T Express aims to raise over $1 billion from Tencent Holdings Ltd TCEHY and other investors at a pre-money valuation of $20 billion, the Information reports.
- The high valuation reflects investors' faith in the express courier service in Southeast Asia and China. The business got a significant shot in the arm from the pandemic-driven online shopping growth.
- A brutal price war is brewing between the fast-growing startup and Alibaba Group Holding Ltd's BABA logistics network. J&T's significant clients include Pinduoduo Inc PDD and Sea Ltd's Shopee.
- Alibaba rival Tencent backs both Pinduoduo and Sea. Recently, JD.com Inc JD also recently ramped up its logistics presence.
- Price Action: BABA shares traded higher by 2.87% at $166.1949on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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