Singapore logistics startup Ninja Van said to mull US listing in 2022

Photo: Ninja Van

Third-party logistics player Ninja Van is looking at going public in the US next year, the Financial Times (FT) reported on Sunday. 

Chang Wen Lai, the Singapore-based company’s founder, told FT it was a year away from an IPO. He also said that the company delivered 1.7 million parcels daily in July, up from 1 million a day in May 2020. 

Two people familiar with Ninja Van’s plans said it had approached advisers to start discussions on the process, FT wrote. Citing one of the sources, it also said that the company’s valuation has topped $1 billion following a $279 million funding round last year.

The company has almost broken even and is aiming to be profitable next year, the report added. Based on the latest regulatory filings, Ninja Van’s net loss was $83.82 million on the back of $147.89 million in revenue in the financial year ended June 2019.

Its investors include France’s Geopost, Monk’s Hill Ventures, B Capital and super app Grab.

Ninja Van, which started in 2014, saw rapid growth last year as the pandemic brought more shoppers and retailers online. 

“COVID-19 has helped us grow… with movement restrictions, a lot of consumers — like the older generation — started to shop for the first time, and those who were already shopping intensified. There were people waiting every day for our delivery guys to come,” Ninja Van’s chief of global expansion, Eeleen Tan, told DealStreetAsia previously. “In parallel, when businesses took a hit, instead of opening their shops, they started to take a mobile-first approach.”

The company has 34,000 employees, including delivery agents, and 1,800 sorting stations across Southeast Asia. 

Other third-party logistics players in the region said to be weighing an IPO include Indonesia-based providers SiCepat and J&T Express.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.