On January 7, J&T Express announced the launch of express network operations in the United Arab Emirates and Saudi Arabia (hereinafter referred to as "Saudi Arabia").
It is reported that the United Arab Emirates and Saudi Arabia are the first countries covered by Polar Rabbit Express in Central and Northeast Africa. Next, the key market of Jitu in Central and Northeast Africa is Egypt, a large population country. So far, Polar Rabbit Express has covered 10 countries worldwide, including China, Indonesia, Vietnam, Cambodia, Thailand, the Philippines, Singapore and Malaysia.
"Jitu Middle East Network" has been in the wind since the beginning of 2021. In April 2021, Polar Rabbit Express launched its Middle East expansion plan and began to investigate, select sites and conduct trial operation in the Middle East market.
At present, Jitu Express has established its own distribution network and local storage system in the United Arab Emirates and Saudi Arabia, covering all provinces and regions of the two countries. In addition, Polar Rabbit Express APP has been launched in the United Arab Emirates and Saudi Arabia recently.
J&T Express started in Indonesia, and its founder, Li Jie, was the head of OPPO's Indonesian business. Before entering the Chinese market, Jitu Express was the second largest express delivery company in Southeast Asia and the first in Indonesia. In March 2020, Polar Rabbit Express officially entered China. With its low price and alliance with Pinduoduo, it won about 8% market share in less than a year.
According to the previous report of LatePost, Polar Rabbit Express completed a financing of 250 million dollars around August 2021, mainly for the development of overseas markets in the Middle East and Latin America. In April, Jitu Express had just completed a financing of $1.8 billion, led by Boyu Capital, Sequoia China, Hillhouse Capital and others, and was valued at $7.8 billion after investment.
In August of the same year, the foreign media The Information also reported that Jitu Express was negotiating financing with Tencent and other investors, and the total amount of financing was estimated to be between 1 billion and 2 billion dollars. According to the analysis of foreign media, if this round of financing is successfully completed, Jitu Express will become one of the start-up enterprises with the highest valuation in Asia. Jitu Express has not responded to this financing event so far.
It has been agreed that Jitu Express is globalizing its distribution in domestic and foreign markets. In addition to the Middle East and North Africa market, Latin America is also the focus of the overseas layout of Polar Rabbit Express. According to LinkedIn, Polar Rabbit Express has established logistics companies in Mexico and Brazil, and has established localization teams.
It is understood that the main business of J&T Express's subsidiaries in various countries is local self operated logistics, which is responsible for the logistics transportation within the market. In terms of cross-border logistics, Jitu International, a subsidiary of J&T Group, is responsible. Taking the Chinese market as an example, Jitu International mainly provides cross-border e-commerce small bags, traditional freight forwarding, overseas warehousing, consolidation and other services.
36 Krypton went to sea to learn that after the business and teams of subsidiaries in Saudi Arabia, the United Arab Emirates, Egypt, Brazil and other countries became stable, the cross-border logistics between countries would become one of the next driving points of Jitu.
Article | Chang Weiqian
Editor | Zhao Xiaochun
Figure | Official Website of the Company
