Alibaba arm gets Temasek, GIC funds

Alibaba Group Holding Ltd's logistics offshoot Cainiao has attracted investment from Malaysia and Singapore, including Temasek Holdings Pte, in its first round of external fundraising since being created in 2013.

Zhejiang Cainiao Supply Chain Management Co, to give its full name, also gained funding from global investment firm GIC Pte and sovereign wealth fund Khazanah Nasional Bhd which is expected to bankroll its expansion, according to a statement on Monday.

The company declined to specify the amounts raised or the stakes sold, although Caixin reported that its delivery network is now valued at about 50 billion yuan ($7.7 billion) as a result of the funding round.