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Jofie Yordan · · 7 min readIs it time for Ninja Van to quit ecommerce logistics?
Melissa Goh also contributed to this report
Price wars and the grip of J&T Express and Sea’s SPX are pushing the region’s third-party logistics (3PL) players to the sidelines. Ninja Van is no exception.
Earlier this month, the Singapore-headquartered company announced that it would cease all express delivery services in Vietnam, including B2C and B2B operations.
After laying off 12% of its employees in the city-state in August, Ninja Van is reportedly in talks to raise US$80 million. The funding round, which will be led by existing investors B Capital and Monk’s Hill Ventures, is expected to halve the firm’s valuation to about US$1 billion.
Photo credit: Ninja Van
Ninja Van was valued at some US$2.1 billion in 2021, according to data from Alternatives.pe. A Bloomberg report says the company was valued at well beyond US$1 billion after a series E round that year.
An executive of an Indonesian logistics firm, who spoke to Tech in Asia on condition of anonymity, shares that Ninja Van has been losing ground in ecommerce deliveries across the region.
Initially, the company still got a fair share of shipments from TikTok Shop. But since early 2025, J&T has been dominating deliveries on the social commerce platform, the executive adds.
See also: J&T’s race to the bottom in SEA logistics sparks backlash
Ninja Van has, in fact, shifted its focus to B2B and cold-chain logistics since 2024, though its success in these areas remains unclear.
During a press briefing held in April of that year, CEO Lai Chang Wen admitted that the company’s “mistake” was viewing ecommerce as “the only path.”
The recent job cuts in Singapore and the retreat from Vietnam are part of Ninja Van’s “restructuring plan.” However, the bigger test is whether the firm can continue offering ecommerce deliveries while its side bets keep the IPO dream alive.
Tech in Asia reached out to Ninja Van, B Capital, and Monk’s Hill Ventures for this story but didn’t receive any responses.
Can a late B2B and cold-chain pivot work?
Renewed interest in Ninja Van from B Capital and Monk’s Hill stems from the company’s potential in B2B and cold-chain logistics, the Indonesian logistics firm executive believes.
Reining in costs
Leaving ecommerce for good?
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The company’s struggles show how tough ecommerce delivery has become. Its B2B bet could be the lifeline or another uphill climb.
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