Homegrown logistics tech company Ninja Van announced yesterday (September 26) that it has successfully raised US$578 million (S$781.5 million) funding in a Series E round.
Existing investors in this round include Alibaba Group, GeoPost/DPDgroup, Facebook co-founder Eduardo Saverin’s B Capital Group, Monk’s Hill Ventures, and Zamrud, an entity linked to a Southeast Asian sovereign wealth fund.
According to the company, the funds raised will be allocated towards infrastructure and technology systems that will support a sustainable long-term cost infrastructure, as well as the quality and consistency of Ninja Van’s operations.
Funds will also be invested in Ninja Van’s suite of micro-supply chain solutions to help Southeast Asian businesses optimise e-commerce opportunities.
“The quality of investors joining us in this round of investment is a clear signal that the market recognises the emerging opportunities for e-commerce logistics in Southeast Asia and how as an entrenched player in the region, Ninja Van is positioned to take a central role in meeting the shifting demands of both businesses and consumers,” said Lai Chang Wen, co-founder and CEO of Ninja Van Group.
“We remain committed to the success of all our business partners as we move towards the next stages of sustainable growth and continued innovation. The support from our investors will enable us to continue to build upon the business momentum we have achieved.”
To complement its e-commerce logistics ecosystem, he added that they want to elevate their delivery experience by prioritising shipper and recipient satisfaction, and implementing enhanced and effortless issue resolution processes to provide a seamless experience for all Ninja Van users.
Witnessing strong growth despite Covid-19
Since its inception in 2014, Ninja Van has become a leading regional logistics player in Southeast Asia.
The company’s end-to-end logistics network spans Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines, connecting over 1.5 million active shippers with close to 100 million recipients.
The company currently employs more than 61,000 staff and delivery personnel that support the delivery of around two million parcels a day throughout the region.
This is twice the number of parcels recorded in May 2020, with one million daily shipment.
Most recently, Ninja Van has also been featured in LinkedIn’s 2021 list of top Singapore companies that are on the rise for showing strong growth this year.
Earlier in July, Chang Wen also shared Ninja Van might be exploring an initial public offering in the United States next year.
Sources close to the company claimed that Ninja Van had passed a US$1 billion (S$1.36 billion) valuation following its US$279 million funding round last year.
Ninja Van’s growth in revenue and orders has surged thanks to an e-commerce boom fuelled by the Covid-19 pandemic.
The seven-year-old startup is at an almost break-even rate and is targeting profitability in 2022. According to VentureCap data, it posted a US$84.1 million loss in 2019, on the back of US$149.3 million in revenue.
Featured Image Credit: Ninja Van
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