Singapore's Ninja Van raises $279m Series D

Existing investors Monk’s Hill Ventures of Singapore and B Capital Group, a US-based growth-stage investor active in Southeast Asia, also participated. They were joined by Singapore ride-hailing and logistics platform Grab, Thai telecoms operator Intouch Holdings, and Carmenta, a Swedish software provider focused on mission-critical applications including transport safety.

Regional early-stage investor Golden Gate Ventures also participated via a growth fund. It is not clear if this is the same growth vehicle set up last year in partnership with Korea’s Hanwha Asset Management. Golden Gate is also an investor in Grab rival Go-Jek, which is active in last-mile delivery, as well as Shohoz, a similar company in Bangladesh.

Ninja Van is recognized as one of the largest and best-funded players in Southeast Asian e-commerce logistics. Operations have extended to six ASEAN countries since inception in 2014 and now encompass a workforce of 30,000 facilitating more than one million parcel deliveries a day on average. Clients mostly include small to medium-sized businesses and direct-to-consumer brands. There are plans to expand B2B services.

“Over the years, Ninja Van has demonstrated an excellent grasp on running and growing a strong, thriving business and delivered tremendous value to their partners, Eduardo Saverin, a co-founder of Facebook who subsequently established B Capital, said in a statement. “We believe that companies like Ninja Van are built to survive and thrive throughout both strong economic climates and uncertain ones.”

Ninja Van claims that its tech-centric approach – which combines a platform-connected fleet with a crowdsourced driver network – has preserved business continuity despite logistics industry disruptions related to COVID-19. The company is estimated to have raised almost $400 million to date, including a $2.5 million Series A led by Monk’s Hill, a $30 million Series B that included The Abraaj Group and YJ Capital, and a Series C of undisclosed size featuring GeoPost subsidiary DPD Group.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Support services
• Expansion
• Singapore
• Monk's Hill Ventures
• B Capital
• Grab
• Golden Gate Ventures
• Logistics
• e-commerce