Venture Capital: Ninja Van Scores $279M in Series D Funding as the Pandemic Boosts Ecommerce
COVID-19 has led to more home-bound people shopping online.
Singapore-based parcel delivery startup Ninja Van raised $279 million from top-notch investors. The prospects of the company are bright as the coronavirus epidemic triggered a huge surge in online transactions from people forced to stay at home. The funding round was led by existing investor Europe’s GeoPost with two sovereign wealth funds. Other investors included Facebook co-founder Eduardo Saverin’s B Capital, ride-hailing firm Grab, Monk’s Hill Ventures, and Golden Gate Ventures Growth Fund. (The Straits Times)
Start-up Ninja Van uses a workforce of over 30,000 people to deliver more than 1 million parcels every day in its six markets of Singapore, Malaysia, Indonesia, the Philippines, Thailand, and Vietnam. It counts e-commerce firms such as Alibaba’s Lazada, Indonesia’s Tokopedia, and Sea Ltd’s Shopee among its customers.
“We are grateful for our strong base of strategic partners who continue supporting us through all market conditions – now more than ever,” said CEO Lai Chang Wen. “This new capital injection enables us to keep our focus on offering hassle-free delivery solutions for sellers and their customers across South-east Asia.”
Further, Lai Chang Wen told Bloomberg that the changing dynamics due to the Covid scenario were working in favor of the company because they marked a new inflection point for e-commerce in South-east Asia.
Lai did not disclose the valuation for the deal, calling it a “vanity metric.”
“We believe that companies like Ninja Van are built to survive and thrive throughout both strong economic climates and uncertain ones,” B Capital’s Saverin said in a statement.
Ninja Van funding
The logistics startup has raised a total of US$400 million since it commenced operations in 2014.
It will use the money from the latest funding to expand its presence in the B2B segment. It will also grow its services for small businesses and B2C brands.
Ninja Van is already profitable in half of its markets.
Image Credit: Flickr
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