Singapore-based logistics startup Ninja Van has closed a US$578 million Series E round to support its operations infrastructure and technology systems growth.
Founded in 2014, the startup has operations across Southeast Asian countries such as Singapore, Malaysia, Thailand, Indonesia, Vietnam, and the Philippines. At present, the company employs more than 61,000 staff.
This Series E round comes after its US$279 million Series D round at about US$750 million of valuation in May 2020.
Investors for this series include China’s Alibaba Group, DPDgroup’s GeoPost, Facebook co-founder Eduardo Savering’s B Capital Group, Monk’s HIll Ventures, and a sovereign wealth fund controlled by Brunei called Zamrud.
With its latest round, the company valuation is more than US$1 billion. Ninja Van will use the proceeds to strengthen its operations and supply chain solutions to optimize ecommerce opportunities in the region.
A recent study by Google-Temasek in 2020 estimated that the ecommerce sector in Southeast Asia will surpass US$100 billion by 2025.
At present, Ninja Van claims to deliver approximately 2 million parcels a day, with more than 1.5 million active shippers and around 100 million customers.
