Ninja Van has snagged $578 million in Series E funding, pulling in existing and new investors that include Chinese e-commerce giant Alibaba Group. The latest round comes over a year after it secured $279 million in Series D and amidst talks it is targeting a US public listing.
Singapore-based logistics services operator Ninja Van said Sunday its latest funding round pulled in existing investors Geopost/DPDgroup, B Capital Group, Monk's Hill Ventures, and Zamrud. Alibaba also participated in this round as a new investor, said Ninja Van.
The funds injection would go towards beefing up its infrastructure and technology systems to support "a sustainable long-term cost structure", Ninja Van said. It added that the investment also would support the "quality and consistency" of its operations, as well as its micro-supply chain service offerings aimed at helping businesses in Southeast Asia tap e-commerce opportunities.
Launched in 2014, Ninja Van currently has operations across six Southeast Asian markets including Indonesia, Thailand, the Philippines, Malaysia, and Vietnam. The last-mile logistics operator delivers some 2 million parcels daily and works with more than 1.5 million active shippers across the region, including Alibaba's subsidiary Lazada, Tokopedia, Zalora, and Shopee.
This figure includes unique active shippers that have placed an order with Ninja Van in the past 12 months, Ninja Van said, adding that it delivers to almost 100 million recipients. The company employs more than 61,000 staff and delivery personnel in the region.
Ninja Van Group's co-founder and CEO Lai Chang Wen said in the statement: "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 and how 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. We remain committed to the success of all our business partners as we move towards the next stages of sustainable growth and continued innovation."
Lai in July told Financial Times it was "a year away" from a public listing, likely in the US, with discussions with advisors rumoured to have started.
Ninja Van in May 2020 pulled $279 million in its Series D funding round, which it then said would be tapped to drive its presence in the business-to-business (B2B) segment as well as expand its services for small businesses and business-to-consumer (B2C) brands. The round attracted several new and existing investors including, Grab, Golden Gate Ventures Growth Fund, Monk's Hill Ventures, and B Capital, which is helmed by Facebook's co-founder Eduardo Saverin.
That same month, Ninja Van said it expected to see another triple-digital volume growth this year in Thailand, where it recorded a 300% climb in shipments in 2020. The company would increase its parcel processing capacity in the country when its new automated sorting facility was scheduled to open later this year. The new site would be able to handle 800,000 parcels a day, supporting next-day delivery across the country including Bangkok and the eastern regions, Ninja Van said, adding that it was hiring another 1,000 employees in Thailand to support another 100 new regional and local distribution centres.
Southeast Asia is projected to be home to 350 million online shoppers by end-2021, up from 310 million last year, according to the latest annual study conducted by Bain & Company and commissioned by Facebook. Online spending also is expected to grow 60% per person this year, pushing total e-commerce sales to expand two-fold to $254 billion in gross merchandise value by 2026. The average consumer in the region was estimated to spend $381 online this year, compared to $238 last year, before hitting a projected $671 in 2026.