Singapore based renowned logistic startup, Ninja Van has reportedly announced that it has raised a funding of US$ 279 Million in series D funding round. The backers include Intouch Holding, Golden Gate Ventures, Monk’s Hill Ventures, France’s GeoPost, ride-hailing Grab, Carmenta, Facebook co-founder Eduardo Saverin’s B Capital Group and two other wealth funds.
The company receives this funding when it is trying to scale up the operations while experiencing a shocking sink in the demand due to the pandemic causing people to shelter at home and shift their shopping habits towards e-commerce. It claims to utilize the new investment to foray into B2B sector.
Co-founder and CEO of Ninja Van, Lai Chang Wen stated that the COVID-19 pandemic scenario has been helpful for them to avoid the economic fallout that has been seen across the region, particularly since the dynamics have changed. With the customers growing focus on e-commerce, the company thinks this would be an inflection point in Southeast Asia for e-commerce.
The six year old start-up has raised approximately US$ 400 million to date. However, it has not disclosed the total valuation but as per an early tranche analysis of investment round including the latest fundraise estimates, the company has a valuation of over US$ 750 million.
According to Lai Chang Wen, the startup established in 2014 derived its name from the idea “working quietly to get things done”. The company claims to deliver more than a million packages across Southeast Asia including Singapore, Thailand, Vietnam, Malaysia, Philippines & Indonesia and employs over 30 thousand people including 20 thousand full time workers. The startup has also tied up with e-commerce firms which also includes Alibaba’s Lazada and Indonesia’s Tokopedia.
Ninja Van now has enlisted its name in a select list of companies that have received a significant investment in 2020 including Indonesia based GudangAda, an online marketplace which managed to crack US$ 25.4 million deal recently.
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