Singapore’s Ninja Van raises US$578 million in new funding round backed by Alibaba, Brunei sovereign fund
- Singapore-based logistics start-up’s valuation surpasses US$1 billion following latest funding round
- E-commerce giant Alibaba becomes the latest tech firm to back Ninja Van, joining Grab Holdings, Brunei sovereign fund among others
The series E funding round included additional capital from existing investors DPDgroup parent Geopost, investment firm B Capital Group, early-stage tech investor Monk’s Hill Ventures and Zamrud, a sovereign wealth fund controlled by Brunei, the company said in a statement on its website on Sunday.
Alibaba is the parent company of Southeast Asia e-commerce platform Lazada and also the owner of this newspaper.
“The quality of investors joining us in this round of investment is a clear signal that the market recognises the emerging opportunities for e-commerce logistics in Southeast Asia,” Ninja Van co-founder and chief executive Lai Chang Wen said in the statement. As an entrenched player in the region, “Ninja Van is positioned to take a central role in meeting the shifting demands of both businesses and consumers,” he added.
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Founded in 2014, Ninja Van operates a regional platform spanning Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines. It employs more than 61,000 staff and delivery personnel and handles about 2 million packages a day.
“We strongly believe in the potential of e-commerce in Southeast Asia, in particular the power of technology-enabled logistics to fuel e-commerce growth,” said Kenny Ho, Alibaba’s head of investment for Southeast Asia. Alibaba is confident the partnership would better serve participants in the ecosystem across the region.”