Ninja Van, a Singapore-based logistics startup, has closed a $578 million Series E round to support its operations infrastructure and technology systems growth.
Investors include China’s Alibaba Group as well as existing investors DPDgroup’s GeoPost, Facebook co-founder Eduardo Savering’s B Capital Group, Monk’s Hill Ventures and Zamrud, a sovereign wealth fund controlled by Brunei, based on its statement.
The latest round topped at a valuation of more than $1 billion prior to a potential initial public offering as early as next year, according to media reports. The company’s spokesperson declined to comment on the valuation.
The Series E brings the firm’s total funding up to $976.5 million, the spokesperson told TechCrunch.
This round comes after its $279 million Series D round at about $750 million of valuation in April 2020 and an $87 million Series C round in Jan 2018.
Ninja Van will use the proceeds to strengthen its operations including micro supply chain solutions to optimize e-commerce opportunities in Southeast Asia.
Ninja Van claims it delivers approximately 2 million parcels a day, with more than 1.5 million active shippers and around 100 million recipients.
Founded in 2014 by CEO Lai Chang Wen, CTO Shaun Chong and CPO Boxian Tan, the company operates its business across Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines. It currently employs more than 61,000 staff.
“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. With Ninja Van’s vast presence and extensive local insights in the region, we are confident that our partnership with Ninja Van would enable us to better serve participants in the e-commerce ecosystem across the region.” said Mr. Kenny Ho, head of Investment for Southeast Asia, Alibaba Group.