What we learned from Ninja Van’s FYE2019 financials

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Hello readers,

“A Ninja will attempt to deliver your parcel. Provide code 434 when contacted by the driver.”

Singapore-based logistic startup Ninja Van has one of the most adorable automated delivery messages in my opinion. Although none of the drivers have ever asked me for the code, much to my disappointment, receiving that notification from Ninjavan just makes me feel like I’m in a spy movie.

But while its messages and even its mascot make the business’ operations look like it’s all fun and games, Ninja Van is actually doing some serious work: The company’s revenue grew by over 3x in its latest regulatory filings.

Today we look at:

• Ninja Van’s profits and losses in FYE 2019
• A Bangladeshi startup banking money to pursue its super-app dreams
• Other newsy highlights such as Grab raising its fare and a startup that (sort of) bought a bank

PREMIUM SUMMARY

Ninja Van’s revenue skyrocketed to US$151.7 million in FYE 2019

It wasn’t too long ago – in 2015, to be exact – that Ninja Van was delivering only 5,000 parcels each day. But by the end of 2019, the Singapore-based logistic startup is processing an average of a million packages daily. This growth has catapulted its revenue. However, its losses have also more than doubled.

• What’s fueling the growth: The company started charging its clients, which include Southeast Asian ecommerce players Shopee, Lazada, and Tokopedia, delivery service fees and handling fees. Both of these revenue sources grew by over 3x in FYE 2019.
• The wheely great markets: Ninja Van operates in six Southeast Asian countries but its biggest market by far is the Philippines, followed by Indonesia and Singapore.
• Main loss drivers: The company has been posting a loss before taxes in recent years, however. One of the key drivers of this is the 3x rise in admin expenses, which cover employee salaries and benefits. This could be due to Ninja Van’s reliance on full-time delivery personnel while its competitors Lalamove and GoGoVan do the opposite by hiring freelance workers.

Read more: Ninja Van sees 3x rise in revenue in FYE 2019, but a tough fight lies ahead

STARTUP SPOTLIGHT

This Bangladeshi startup banks money to become a super app