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The Singapore-based logistic startup Ninja Van has reportedly secured USD 578 million in a Series E funding round. The fresh funds will allow the company to support the growth of its technology system as well as operations infrastructure.
According to a statement given by the company, the round saw participation from Alibaba Group along with the pre-existing investors including Facebook co-founder Eduardo Savering’s B Capital Group, Monk’s Hill Ventures. DPD Group’s GeoPost and, a sovereign wealth fund Zamrud.
The latest round now values Ninja Van above USD 1 billion ahead of its potential IPO as early as next year, however, the company’s representative declined to provide actual valuation digits. The Series E has brought the total amount raised to USD 976.5 million.
It is worth noting here that Ninja Van had secured USD 279 million in Series D funding in April 2020, then valuing the logistics firm at around USD 750 million as well as a USD 87 million Series C fundraising in January 2018.
Ninja Van plans to use the funds to expand its operations including its micro-supply chain solutions to maximize Southeast Asia's e-commerce prospects. The company claims to deliver around 2 million parcels each day, with over 1.5 million active shippers and over 100 million recipients.
The Head of Investment for Southeast Asia at Alibaba Group Kenny Ho believes a partnership with Ninja Van will enable the e-commerce giant to better serve participants in the entire ecosystem, given Ninja Van's large footprint and rich local understanding.
Founded in 2014 by CEO Lai Chang Wen, CPO Boxian Tan, and CTO Shaun Chong, Ninja Van currently operates in Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Vietnam. It now has more than 61,000 people presently underemployment.
Source credits –
https://techcrunch.com/2021/09/26/singapore-based-logistics-startup-ninja-van-secures-578m-series-e/
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