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.