Singapore-based Ninja Van, technology-enabled logistics platform that operates in Southeast Asia, has announced the conclusion of a Series C funding round in 2017, according to a press release.
While financial terms of the Series C financing are undisclosed by the firm, Tech in Asia reports it as being in excess of $85 million.
In September 2017, the firm was reported to be raising at least $60 million and comes at a time when investment in supply chain and logistics tech startups is expanding rapidly in Southeast Asia.
New investors in this round possibly include the likes of Taiwan-based ACE Capital and European parcel delivery firm DPDgroup, which operates the commercial brands DPD, Chronopost and SEUR.
Goldman Sachs (Singapore) Pte. and Allen & Overy acted as the financial advisor and legal counsel to Ninja Van for this financing round.
Data compiled by Crunchbase indicates that prior to this round, the firm had closed a $2.5 million Series A round in March 2015 from Monk’s Hill Ventures and a $30 million Series B round in April 2016 that saw the participation of B Capital Group, Abraaj Group, YJ Capital and Monk’s Hill Ventures.
Its aggregate equity funding prior to this Series C transaction stands at $35.5 million. Financial documents indicate the company has $118 million in issued share capital.
The company intends to use the capital raised in this Series C funding round to further consolidate its presence across its operating markets in Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines.
In a statement, Lai Chang Wen, CEO of Ninja Van, said, “With an established network in Southeast Asia covering six high growth markets, the capital raised will be invested towards further improving technology and operational capabilities to help Ninja Van continue our drive in offering hassle-free delivery solutions to businesses of all sizes.”
Since its Series B fundraise in 2016, Ninja Van has seen its growth buoyed by the burgeoning Southeast Asia e-commerce sector and currently manages millions of deliveries per month across its markets. The company has reportedly increased its staff strength to more than 1000 across its operating markets.
It uses proprietary technology and algorithms to optimise routes and manage its fleet. It officially launched its operations in Thailand in August 2017 and has business operations in Malaysia, Indonesia and Vietnam.
The firm will have to overcome a number of logistical hurdles in Southeast Asia’s fragmented markets; the archipelagos of the Philippines and Indonesia make logistics challenging, while the traffic conditions of Bangkok and Jakarta can hinder timely deliveries.