Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.
Hello reader,
Life is all about pivoting and adapting as you evolve and grow.
When I was younger, I wanted to be a journalist. That pushed me to study communications and take several journalism-related courses. Eventually, I realized I was too incurious to be a real journalist (kudos to my newsroom colleagues, who are always ready to dig deep).
So, I took the skills I picked up from school and went into partnership content and content marketing. That’s how I’ve ended up here, writing all sorts of fun things like this newsletter for Tech in Asia.
The same applies to businesses. A company can start out doing one thing and evolve into another, using the know-how it has built to diversify and tap into new opportunities.
That’s the case for Singapore-based logistics company Ninja Van, which is leveraging its years of last-mile delivery expertise in ecommerce to unearth new avenues for business growth.
Today we look at:
- Ninja Van’s FY2023 earnings and its road ahead
- An antibiotic alternative startup that’s just raised funds
- Other newsy highlights such as Bain Capital’s exit from Axis Bank and a chipmaking giant’s significant US investment
Premium summary
Looking beneath the surface
Image credit: Timmy Loen
Singapore-based Ninja Van has announced its results for the financial year 2023. The logistics firm’s revenue fell 7% year on year while its operating losses widened by 32% in the 12 months ending June 2023. Let’s take a closer look.
- Stiff competition: Ninja Van is one of many logistics players that benefited from the rise of ecommerce in Southeast Asia, but the dynamic has shifted in recent years. The company has had to grapple not just with increasing competition from firms like J&T Express, which pursued a “very aggressive” pricing strategy, but also with the stronger bargaining power of ecommerce firms, many of which are publicly listed companies trying to cut costs.
- Diversifying options: To that end, Ninja Van is looking beyond ecommerce. It has ventured into cold chain logistics and launched Ninja Mart, a service that helps big consumer goods firms deliver their products to provision stores located outside metropolitan areas. However, ecommerce will still be a key part of its story.
- Positive vibes: CEO Lai Chang Wen is optimistic about Ninja Van’s future, predicting that it would hit EBITDA breakeven in the next 12 months and break even on a net profit basis within another six months.
Read more: Ninja Van eyes path beyond ecommerce as price war dents FY23 earnings
Not the antibiotics you know
Quick bytes
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
