Singapore-based last-mile logistics player Ninja Van has raised at least $124 million of new Series D equity capital since April 2019 that includes a substantial investment from the Brunei sovereign wealth fund, according to data obtained by DealStreetAsia.
It also issued $89 million of convertible notes to existing investors Geopost SA and B Capital in 2018 and 2019, from which Ninja Van has obtained $52.4 million of equity capital following conversions at Series D pricing.
The Series D preferred shares were sold at $61.43 apiece, which is also the conversion price for the convertible notes. That is about 70 per cent above the $36.21-per-share price of its Series C shares. At the Series D pricing and the company’s total issued shares disclosed so far, Ninja Van would be worth about $590 million. In April 2019, just before Ninja Van announced the first investment by Singapore-based super app Grab Inc, the company was worth $235 million based on its Series C pricing and its total alloted ordinary and preferred shares right before Grab’s entry.
Based on the available data, Zamrud, a sovereign wealth vehicle for the Kingdom of Brunei, joined Ninja Van’s capitalisation table as the largest disclosed investor in the Series D equity round so far, with a $50 million take. Besides Zamrud and Grab, other new investors included US-based venture firm Carmenta Capital Management investing $10 million; Thailand commercial bank Bangkok Bank Public Co taking $5 million; Thailand telecommunications group Intouch Holdings Public Co subscribing for $3 million; and GxH Investments, a venture partnership between Singapore-based Golden Gate Ventures and South Korea’s Hanwha Asset Management, taking $2.5 million. Grab had committed $15 million in three equal tranches to Ninja Van in April 2019, and had only fulfilled two of those tranches, or $10 million, as of January 2020.
Besides their convertible notes, France-based courier Geopost and venture firm B Capital also bought equity outright in the round. B Capital took $16.2 million of Series D shares, while Geopost bought $27.5 million of Series DD shares.
Those numbers are based on corporate filings. There could be further developments that have not yet been disclosed.
Ninja Van declined to comment for this story.
The disclosed share sales and conversions raised Ninja Van’s paid-up capital for US dollar-denominated preference shares to $294.2 million, up from $117.6 million before Grab’s first-tranche investment in April 2019.
Zamrud’s participation in the Series D round marks a rare instance of the kingdom’s sovereign wealth fund appearing in venture deal headlines. It coincides with Ninja Van’s plans, shared with CNBC in February, to expand into Brunei in 2020. The company already operates in Singapore, Malaysia, Indonesia, Vietnam, the Philippines and Thailand.
The Brunei Investment Agency could not be reached for this story.
The Series D capital will give Ninja Van valuable cash as the global COVID-19 pandemic threatens to send the world into a global recession. Ninja Van’s financial filings showed the company with S$5.6 million of cash as at end-June 2017 and an operating cash outflow of S$13.1 million for the six months ended June 2017. Results for subsequent periods have not been filed yet.