Alibaba-backed logistics company Cainiao has sealed their first-ever funding round from a consortium including Singapore’s Temasek Holdings and GIC Pte Ltd, Malaysia’s Khazanah Nasional Bhd, and China’s Primavera Capital, according to the Chinese e-commerce giant.

Alibaba did not disclose the size of this financing round. Local finance media Caixin reported the round is over 10 billion yuan ($1.54 billion) at a 50 billion yuan ($7.7 billion USD) valuation. Technode reached out to Alibaba to verify these figures, but the spokesperson declined to comment on funding details.

The involvement of foreign investors may underline the company’s overseas expansion plans.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.