Cainiao Logistics Acquisition, Valuation, Funding & Investors
Cainiao Logistics was acquired by STO Express for $50M in July 2025.
Cainiao Logistics revenue
$479M
Series A · Mar 2016
Cumulative funding Cainiao Logistics raised
$4.9B
across 2 funding rounds
Key investors in Cainiao Logistics
Temasek
GIC
Alibaba Group
YF Capital
Primavera Capital Group
Khazanah Nasional
About Cainiao Logistics
Cainiao Logistics is the logistics arm of Alibaba Group, founded in 2013 in Hangzhou as a data platform linking merchants, warehouses and delivery companies. It runs cross-border fulfilment, international express, overseas local delivery, domestic supply chain and logistics technology services for e-commerce merchants. Alibaba and a group of Chinese express companies set it up in 2013, Temasek, GIC, Khazanah and Primavera Capital invested in 2016, and Alibaba raised its stake to 51 percent in 2017 and about 63 percent in 2019. In March 2024 Alibaba cancelled Cainiao's planned Hong Kong listing and offered up to USD 3.75 billion for the remaining shares, valuing the company at USD 10.3 billion. Cainiao has made venture investments in logistics technology and delivery businesses and has sold several domestic delivery and warehouse units since 2024.
Founded
2013
HQ
HangzhouWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$479M (Mar 2016)
Valuation
$28B (Nov 2019)
Cainiao Logistics Acquisition
Cainiao Logistics was acquired by STO Express for $50M on 25 July 2025.
Before the acquisition Cainiao Logistics had raised $4.9B across 2 funding rounds.
STO Express, the listed Chinese parcel network operator, announced on 25 July 2025 that it would buy 100 percent of Zhejiang Daniao Logistics Technology from Cainiao Logistics for CNY 362 million in cash. Daniao Logistics operated Cainiao Express, the self-run quality express service that delivered for Alibaba's own stores such as Tmall Supermarket. The business reported revenue of CNY 12.351 billion and a net profit of about CNY 20 million in 2024. STO said the purchase would give it a strategic entry into instant retail and warehouse-to-door delivery. For Cainiao the sale was part of a narrowing of its asset-heavy domestic businesses to concentrate on logistics technology and international operations. The transaction closed in the autumn of 2025 and Daniao became a wholly owned subsidiary of STO.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 25 Jul 2025 | Strategic M&A | $50M |
Sources: nbd.com.cn, finance.sina.com.cn, finance.biggo.com, linkedin.com, tracxn.com
Cainiao Logistics Valuation
Cainiao Logistics is currently valued at $28B, based on its strategic investment round in November 2019. Read the announcement ↗
The $3.3B round was led by Alibaba Group.
Cainiao Logistics' valuation has grown 3.6x from $7.7B at its Series A in March 2016 to $28B in November 2019, across 2 priced rounds.
Cainiao Logistics valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2019 | Strategic investment | $28B | - |
| Mar 2016 | Series A | $7.7B | 16.0x |
Cainiao Logistics Revenue
Cainiao Logistics' latest recorded revenue is $479M, as of its Series A in March 2016. At a $7.7B valuation, that implies a 16.0x revenue multiple.
Cainiao Logistics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2016 | $479M | $7.7B | 16.0x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cainiao Logistics Funding History
Cainiao Logistics has raised a total of $4.9B across 2 funding rounds.
Cainiao Logistics' first fundraising round was a $1.5B Series A in March 2016. The most recent completed round was a $3.3B strategic investment round in November 2019.
Cainiao Logistics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2019 | Strategic investment | Alibaba Group (lead) | $3.3B | $28B | Cainiao Logistics, Alibaba's logistics affiliate founded in 2013, received a $3.3 billion (23.3 billion yuan) investment from Alibaba Group on November 8, 2019, increasing Alibaba's ownership from 51% to 63% through new share issuance and purchase from another shareholder. This implies a post-money valuation of approximately $9.1 billion USD, as the investment represented about 12 percentage points of equity. In the quarter ended September 2019 (just before the round), Cainiao reported $680 million in revenue, supporting Alibaba's e-commerce platforms like Taobao and Tmall by matching riders, deliveries, and warehouses. Other shareholders include Intime Group, Fosun Group, and various logistics firms. Alibaba had previously increased its stake to 51% in 2017, committing over 100 billion yuan to logistics expansion over five years. |
| Mar 2016 | Series A | GIC (lead); Temasek (lead); YF Capital; Primavera Capital Group; Khazanah Nasional | $1.5B | $7.7B | Cainiao Logistics, Alibaba's logistics affiliate founded in 2013 with partners including Fosun, Intime Retail, and Chinese express firms like SF Express and ZTO, completed its first funding round on March 14, 2016, from investors GIC, Temasek Holdings, Khazanah Nasional, Primavera Capital, and others. The round, reported by Caixin as over 10 billion yuan ($1.54B) raised, valued the company at 50 billion yuan ($7.7B USD). Alibaba held about 48% stake post-initial setup. Cainiao operates a logistics data platform connecting providers, warehouses, and couriers, handling 70% of China's express packages across 2,800 counties and 224 countries. It facilitates efficiency without owning delivery fleets, supporting Alibaba's e-commerce growth amid rising logistics needs (16% of China's 2015 GDP). Funds will expand warehouses, cross-border services, and rural delivery. CEO Tong Wenhong highlighted logistics as China's next growth focus post-e-commerce, with plans for an eventual IPO. The company had 700 employees by mid-2015 and over 1.7 million delivery personnel on platform. |
Who has invested in Cainiao Logistics?
6 investors have backed Cainiao Logistics across its funding rounds, including Temasek, GIC, Alibaba Group, YF Capital, Primavera Capital Group and Khazanah Nasional.
Lead investors include Alibaba Group, GIC and Temasek.
Cainiao Logistics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Singapore | 1 | Lead | Mar 2016 | |
| Shanghai | 1 | Participant | Mar 2016 | |
| Singapore | 1 | Lead | Mar 2016 | |
| Beijing | 1 | Participant | Mar 2016 | |
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Start Free TrialAcquisitions by Cainiao Logistics
Cainiao Logistics has acquired 1 company to date.
Last acquisition by Cainiao Logistics was on October 11th 2019. Cainiao Logistics acquired Alog for undisclosed valuation.
Latest Acquisitions by Cainiao Logistics
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 11 Oct 2019 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Cainiao Logistics acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Cainiao Logistics
Cainiao Logistics has invested in 9 companies to date.
Latest investment by Cainiao Logistics was on July 1st 2023. Cainiao Logistics invested in Robosense in their $166M Series G round.
Latest Investments by Cainiao Logistics
| Description | Robosense Technology Co Ltd is a company whose business is focused on full-stack systems incorporate LiDAR sensors, proprietary system on a chip and cutting-edge perception software. By integrating hardware and software, companies have differentiated themselves from LiDAR companies in the market who only focus on hardware. Combined with visual or other sensors, LiDAR forms perception solutions that endow automobiles and robots with perception capabilities. Comapny develop its solutions based on chipdriven LiDAR hardware and AI perception software, expanding application scenarios and realizing large-scale commercialization in the industry. Geographically, the group has mainly divided its businesses in the PRC segment and others segment. | Worldwide Logistics Group is a Shanghai-headquartered 5A-rated logistics enterprise in China offering full container load shipments, less-than-container load consolidations, bulk cargo transport, air freight trunk lines, multimodal land transport via rail, highway, and waterway, plus specialized chemical logistics with tank containers and dangerous goods handling. The firm also provides engineering project logistics for oversized cargoes. Operating nationwide with international reach to Europe, North America, and Southeast Asia, it holds certifications for ISO quality and safety standards. | Gogox Holdings Ltd is an online platform for intra-city logistics services in Asia. The company operates two brands in this space, namely Kuaigou Dache in mainland China and GOGOX in other Asian countries and regions. The company's reportable segments are divided into Chinese mainland operations, and Hong Kong and overseas operations. The group operates in over 370 cities across six countries and regions including the Chinese mainland, Hong Kong, Singapore, South Korea, India, and Vietnam. | Kaxing Tianxia is a Chinese online trading platform tailored for small and medium-sized logistics enterprises. Hosted at kxtx.cn, it connects providers for freight services, bidding, and supply chain matchmaking. | |
| HQ Country | | |  | | |
| HQ City | Shenzhen | Shanghai | Hong Kong | Shanghai | |
| Deal Date | 1 Jul 2023 | 18 Oct 2021 | 13 Jul 2021 | 11 Jan 2019 | |
| Round | Series G | Undisclosed stage | Undisclosed stage | Strategic investment | |
| Raised | $166M | $265M | $100M | $7M | |
| Investors | Xiaomi; Geely; Guotai Haitong Kaiyuan Investment | COSCO SHIPPING; Sinovation Ventures; Yunqi Partners | BOCOM Intl Hldgs Co; InnoVision Capital; Alibaba Group; 58.com; Cyberport Macro Fund; Qianhai Fund of Funds | Hidden Hill Capital | |
| Valuation | $1.4B | $1.1B | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Cainiao Logistics Competitors
Cainiao Logistics competitors include listed companies like Logory and Opter, and private ones like Ancla Logistik, Emiza, Airmee and Ofload.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| China | Publicly listed | $681M | $11M | $48M | - | |
 Wetzlar | Private | - | - | $57M | - | |
 Mumbai | Private | $11M | - | $43M | 3.9x | |
 Stockholm | Private | $25M | - | $59M | 2.4x | |
 Sydney | Private | $52M | - | $71M | 1.4x | |
| Sweden | Publicly listed | $10M | $3M | $57M | - |
Cainiao Logistics Public Comps
Cainiao Logistics is no longer listed, but its public comps include OT Logistics, RT&L, POS Malaysia, Logory, BLG Logistic, Rekor, New Century Logistics, Taewoong Logistics Co, Boom Logistics and Opter.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $69M | $9M | 2.4x | - | 18.5x | - | |||
| $6M | $944K | 7.4x | 2.3x | 46.0x | 12.4x | |||
| $453M | ($703K) | 0.5x | 0.4x | (296.7x) | - | |||
| $681M | $11M | 0.0x | - | 2.2x | - | |||
| $1.3B | $190M | 0.0x | - | 0.1x | - | |||
| $48M | ($23M) | 1.5x | 1.4x | (3.1x) | (7.4x) | |||
| $44M | ($11M) | 1.3x | - | (5.4x) | - | |||
| $836M | $12M | 0.2x | - | 13.8x | - | |||
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Common questions about Cainiao Logistics
| When was Cainiao Logistics founded? | Cainiao Logistics was founded in 2013. |
| Where is Cainiao Logistics headquartered? | Cainiao Logistics is headquartered in Hangzhou, China. |
| Is Cainiao Logistics publicly listed? | No, Cainiao Logistics was acquired by STO Express in July 2025. |
| Who acquired Cainiao Logistics? | Cainiao Logistics was acquired by STO Express in July 2025. |
| How much was Cainiao Logistics acquired for? | Cainiao Logistics was acquired for $50M in July 2025. |
| What is Cainiao Logistics' valuation? | Cainiao Logistics was last valued at $28B in its strategic investment round in November 2019. |
| How much funding has Cainiao Logistics raised? | Cainiao Logistics has raised $4.9B across 2 funding rounds. |
| What was Cainiao Logistics' last funding round? | Cainiao Logistics' last funding round was a $3.3B strategic investment round in November 2019, led by Alibaba Group. |
| Who are Cainiao Logistics' investors? | Cainiao Logistics' investors include Temasek, YF Capital, GIC, Primavera Capital Group, Alibaba Group and Khazanah Nasional. |
| What is Cainiao Logistics' revenue? | Cainiao Logistics' latest recorded revenue is $479M (March 2016). |
| What is Cainiao Logistics' revenue multiple? | Cainiao Logistics' latest valuation implies a 16.0x revenue multiple ($7.7B valuation on $479M of revenue). |
| Which companies are comparable to Cainiao Logistics? | Companies comparable to Cainiao Logistics include Logory, Ancla Logistik, Emiza, Airmee, Ofload and Opter. |
| How many companies has Cainiao Logistics acquired? | Cainiao Logistics has acquired 1 company, including Alog. |
| How many companies has Cainiao Logistics invested in? | Cainiao Logistics has invested in 9 companies, including Robosense, Worldwide Logistics Group, Gogox Holdings, Kaxing Tianxia, Dianwoda, Gooday Shun, Quicktron Robotics and Alog. |
| What was Cainiao Logistics' last investment? | In July 2023, Cainiao Logistics invested in Robosense's $166M Series G alongside Xiaomi, Geely and Guotai Haitong Kaiyuan Investment. |
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