Credit by Reuters | A Ninja Van employee unloads his van at the startup's Singapore office.
Ninja Van Raises $274m in New Funding
ECONOMY Singapore

Ninja Van Raises $274m in New Funding

Ninja Van, a leading ecommerce logistics company in Southeast Asia, has raised at least US$274 million in new funding since its series C round in January 2018, its public filings show.

As reported by Tech in Asia, Zamrud, Brunei’s state fund, has taken a significant stake in the company. Other new investors include US VC firm Carmenta Capital Management, Bangkok Bank, Thai telco Intouch Holdings, and GxH Investments, a partnership between Singapore’s Golden Gate Ventures and South Korea’s Hanwha Asset Management.

Existing investors like European logistics major Geopost and B Capital, the venture capital firm started by Facebook co-founder Eduardo Saverin, have also made further investments since the series C round. Ninja Van declined to comment.

 The funding comes amid a crucial period for the ecommerce industry, which is proving resilient amid Covid-19 compared to other sectors like travel. Covid-19 has slowed down ecommerce supply chains.

Ninja Van's fleet delivered 2 million parcels in Thailand last year. Image:
Ninja Van's fleet delivered 2 million parcels in Thailand last year. Image:

“Thankfully, Ninja Van is not badly affected by this. Yes, our costs have gone up. Yes, productivity has gone down significantly. But online shopping is going to grow,” Changwen Lai, co-founder and CEO of the company, said in another interview with The Peak Magazine.

Ecommerce logistics remains competitive in Southeast Asia. In Indonesia alone, Ninja Van competes with JNE, J&T Express, and many others.

Besides its domestic delivery service, Ninja Van also runs Ninja Direct, which helps online sellers, source, purchase, ship, and finance wholesale products. In Malaysia, it has launched a business-to-business logistics arm.


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