Singapore-headquartered logistics startup Ninja Van, which operates across Southeast Asia, has raised USD 587 million in Series E funding, the company said on Monday. Alibaba Group joined the investment as a new backer. Returning investors that participated in the round include Geopost/DPDgroup, B Capital Group, Monk’s Hill Ventures, and Zamrud, an entity linked to a Southeast Asian sovereign wealth fund.
Ninja Van will use the fresh funds to build infrastructure and technology systems that “will support a sustainable long-term cost structure” as well as the quality and consistency of Ninja Van’s operations, according to the company’s statement. A portion of the funds will also be dispensed to help Southeast Asian businesses move online.
“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,” said Lai Chang Wen, co-founder and CEO of Ninja Van Group. “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.”
The company raised USD 279 million in its previous funding round in May 2020 from Grab Holdings and other investors.
Founded in 2014, the startup had its start in Singapore as a last-mile logistics company. It currently operates in Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. Ninja Van claims it employs more than 61,000 staff and delivers 2 million parcels each 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 Alibaba’s head of investment for Southeast Asia, Kenny Ho.
By partnering with Ninja Van, Alibaba expects to better serve local businesses and customers in Southeast Asia’s e-commerce ecosystem.