This undated photo shows a screen with the Lalamove app (center) among other apps. (ANTHONY KWAN / BLOOMBEG)

Hong Kong’s on-demand logistics and delivery firm Lalamove is seeking a new funding round at US$8 billion valuation, according to people with knowledge of the matter.

The company, also known as Huolala on the Chinese mainland, is looking to raise at least US$500 million, said the people, who asked not to be identified as the information is private. The startup could raise more depending on investor demand, the people said.

Lalamove last year raised US$300 million from investors including Hillhouse Capital and Sequoia Capital China in a series-D fundraising

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Founded in 2013 by Stanford graduate and former professional poker player Chow Shing-yuk, Lalamove provides van-hailing and courier services on demand. It operates in 24 markets across Asia, Latin America and the US with a pool of more than 700,000 driver partners, according to its website. Lalamove’s business is anchored in the mainland.

Lalamove last year raised US$300 million from investors including Hillhouse Capital and Sequoia Capital China in a series-D fundraising.

Transportation and logistics companies have seen a surge in demand globally amid a boom in e-commerce, one of the beneficiaries of coronavirus-driven lockdowns this year.

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Deliberations for the latest fundraising are preliminary so details could still change, the people said. A representative for Lalamove didn’t immediately respond to calls and an email seeking comment.