China's freight service Manbang to invest in TruckPad

Source: Xinhua| 2019-11-08 16:38:50|Editor: huaxia
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GUIYANG, Nov. 8 (Xinhua) -- Manbang Group, China's largest Uber-like truck-hailing firm announced Friday a strategic investment in Brazilian transportation company TruckPad, offering operating experience and technological support to the latter with its business in Latin America.

The company did not disclose the volume of the investment.

Also known as Full Truck Alliance Group, formed in 2017 by the strategic merger of two rival Chinese trucking firms Huochebang and Ymm56, Manbang covers the majority of the country's goods transport, with 7 million truck drivers and 2.25 million logistics firms registered on its platform.

At present, Manbang has operations in 339 Chinese cities, with an annual transaction turnover of more than 800 billion yuan (about 114.7 billion U.S. dollars) on its platform.

Carlos Mira, founder and CEO of TruckPad, said Manbang's experience and technologies in the Chinese market will help boost the rapid growth of TruckPad in Latin America with better logistics solutions.

Founded in 2013, TruckPad is Brazil's fastest-growing platform that connects truckers with shippers, helping independent truck drivers to find nearby cargo. TruckPad's app has more than 1 million downloads.