Alibaba Rival J&T Express in Talks to Raise $1 Billion from Tencent and Other Investors

J&T Express, a fast-growing Asian startup that is challenging Alibaba’s logistics network in a brutal price war, is in talks to raise more than $1 billion from Tencent and other investors at a pre-money valuation of $20 billion, people familiar with the matter said.

The investment could make J&T one of Asia’s most highly valued startups. The soaring valuation reflects investors’ high expectations for Indonesia-based J&T, a major express courier service in Southeast Asia and China, as Covid-19 has moved more shopping online. The startup’s major clients include two of the world’s fastest growing major e-commerce companies—China’s Pinduoduo and Southeast Asia’s Shopee, which is owned by Singapore-based Sea Ltd. Both Pinduoduo and Sea are backed by Tencent, Alibaba’s archrival.