ForU Worldwide, a digital freight transportation company based in China commonly known as Fuyou Trucks (Fuyou Kache), on Thursday filed with the Securities and Exchange Commission for an initial public offering that could raise up to $100 million. The company was founded in 2015 and booked $622 million in revenue in the 12 months prior to March, 31.
ForU plans to list on the Nasdaq under the symbol FOYO.
The company uses algorithms that have been developed with deep learning techniques that cover all functionality of a logistics company from quotation to order settlement. According to a ForU blog, the company is able to increase operational efficiency of vehicles by 24% and reduce shipping cost by 15%.
Over the past six years, the platform has created a network of more than 800,000 drivers, according to the company’s website. Throughout this time, it says, it has been able to build its intelligence to consider issues like driver fatigue, market conditions, and loading and unloading inefficiencies at certain destinations in order to create the best level of driver matching for its customers’ shipments.
At the 18th Annual Meeting of Chinese Logistics Entrepreneurs in November, Dandan Shan, the founder and CEO of ForU Worldwide, was the only female entrepreneur named among the 2020 China Logistics Top Ten People of the Year.
Later that month, Forbes China listed the company on the High-Growth Enterprise List, a docket of companies that have the most potential to exceed a billion-dollar valuation.
ForU Worldwide was also listed on the Top 500 Kings of the New Economy list with Chinese logistics leaders including JD Logistics.
JD Logistics is listed as one of ForU’s top three shippers in the IPO filing, including Deppon Logistics and SF Express that make up for 55.8% of the company’s total 2020 revenue. ForU Worldwide expects these shippers to make up a majority of its revenue in the future.