Singapore: Logistics venture Ninja Van closes $85m Series C

Image from Ninja Van social media.

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.

Also Read:

Singapore: Logistics firm Ninja Van raising $60m for expansion

Indonesia: Lakupon raises $742k; Ninja Van expands its services

Singapore last-mile logistics firm Ninja Van raises $30m from Abraaj Group

Ninja Van raises $2.5m Series A from Monk’s Hill

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.