Ninja Van is in talks to raise US$80 million in an internal funding round that would halve its valuation to about US$1 billion, according to Bloomberg.

The Singapore-based logistics firm, which operates in six Southeast Asian markets and is backed by Alibaba, previously reached a valuation above US$1 billion after a US$578 million series E round in 2021.

B Capital Group and Monk’s Hill Ventures are expected to lead the new round, sources familiar with the matter said.

Investors are said to have secured preferential terms for a future exit.

The funding comes as Southeast Asia’s tech sector faces job cuts, leadership changes, and declining startup valuations due to prolonged economic uncertainty.

Competition in the region’s logistics sector remains high, with companies like J&T Global Express and Sea’s SPX Express pressuring profit margins.

Ninja Van reportedly delivers around 2 million parcels daily.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Down rounds reflect broader Southeast Asian funding collapse

Ninja Van’s 50% valuation cut mirrors a severe regional downturn that has reshaped startup financing across Southeast Asia.

Seed-stage startups in the region experienced a 43% decline in funding during the first half of 2023, with the median financing value dropping from $3 million to $2.2 million1.

The broader picture is even starker: Southeast Asian startup fundraising hit its lowest level in over five years during Q1 2024, with equity investment falling 41% year-over-year2.

This represents a dramatic reversal from the boom years when Southeast Asian startups raised $6.5 billion by mid-September 2017, more than double the previous year3.

Ninja Van’s situation, where existing investors are leading the round with preferential exit terms, has become increasingly common as companies struggle to attract new capital in the current environment.

2️⃣ Existing investors drive survival funding with protective terms

Recent Ninja Van developments