Alibaba joins as an investor in the IPO-headed startup.

Ninja Van’s Series E funding round raised $578 million including from Alibaba Group Holding (NYSE: BABA), the funding putting it on course for an IPO about 18 months down the line. The round valued the Singapore-based logistics startup at over $1 billion and elevated it into the unicorn club. (Yahoo Finance)

Existing investors DPDgroup parent Geopost, Edward Saverin’s investment firm B Capital Group, early-stage tech investor Monk’s Hill Ventures, and Zamrud, a sovereign wealth fund controlled by Brunei – existing investors all – participated in the round with additional commitments.

Ninja Van was launched in 2014 and currently delivers more than 2 million packages per day across Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. Its clientele includes Lazada, Shopee, the e-commerce platform of Singapore tech conglomerate Sea Limited (NYSE: SE), and Tokopedia.

Southeast Asia is a hotbed of growth

“The quality of investors joining us in this round of investment is a clear signal that the market recognizes 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.

“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.

Ninja Van previously landed funding of $279 million in a Series D round in May 2020. The startup was then coping with a huge surge in online transactions from people forced to stay at home due to the coronavirus pandemic.

With the latest raise, the company’s total funding is $976.5 million. The new funds will go to boost its operations and develop micro-supply chain solutions.

The startup may approach the public markets through a listing within about 18 months.

Related Story: Ninja Van Scores $279M in Series D Funding as the Pandemic Boosts Ecommerce