Ninja Van raises $279m in series D funding

Ninja Van, a leading ecommerce logistics company in Southeast Asia, said it has raised US$279 million in new funding in its series D round.

The round was led by existing investor GeoPost, a European logistics major, alongside two sovereign wealth funds, the startup said in a statement. It was earlier reported that Zamrud, Brunei’s state fund, has taken a significant stake in the company.

Photo credit: Ninja Van

Other investors include US VC firm Carmenta Capital Management, Thai telco Intouch Holdings, Singapore’s Golden Gate Ventures Growth Fund, and ride-hailing giant Grab. Existing backers like B Capital, the VC firm created by Facebook co-founder Eduardo Saverin, and Monk’s Hill Ventures have also made further investments.

According to Ninja Van CEO Lai Chang Wen, the new funds would enable the company to further strengthen its core express logistics business in Southeast Asia. It also plans to deepen its foray into the business-to-business sector.

The funding comes amid a crucial period for the ecommerce industry, which has proven resilient amid Covid-19 compared to other sectors like travel. The pandemic has slowed down ecommerce supply chains and has led to increased demand for certain shopping categories while simultaneously hurting others.

“Thankfully, Ninja Van is not badly affected by this,” Lai previously said in an interview. “Yes, our costs have gone up. Yes, productivity has gone down significantly. But online shopping is going to grow.”

Ecommerce logistics remains competitive in Southeast Asia. In Indonesia alone, Ninja Van competes with players like JNE, J&T Express, and many others.

Besides its domestic delivery service, Ninja Van also runs Ninja Direct, which helps online sellers source, purchase, ship, and finance wholesale products. It has launched a B2B logistics arm in Malaysia as well.

Update (May 5, 1:30 pm): This article was updated to include Ninja Van’s official statement on its series D round.