Speed bumps derail Ninja Van’s rough ride to profitability

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Founded in 2014, Ninja Van gradually rose through the ranks to become a leader in Southeast Asia’s logistics space. The Singapore-based unicorn made quick work of navigating cultural nuances in each regional market – something only a handful of startups can lay claim to.

But Ninja Van’s steady ascent – spurred in part by the growth in ecommerce and rising internet penetration across Southeast Asia – is now in danger of kicking into reverse gear.

The firm not only more than doubled losses for the year ending June 2022 but also reported a hefty rise in cost of sales and administrative expenses.

With Ninja Van under the cosh, today’s featured piece sheds light on how the firm is planning to push through the bumpy ride ahead.

The premium story also details some key insights from Lai Chang Wen, co-founder and CEO of Ninja Van, on the logistics industry, the firm’s latest earnings report, and its diversified approach toward managing its balance sheet.

Today we look at:

• The significant challenges that lay ahead for Ninja Van
• Softbank-backed Oyo setting the stage for a second crack at an IPO
• Other newsy highlights such as Singapore-based Endowus, one of the largest wealthtech players in Southeast Asia, laying off less than 10% of its staff

Premium summary

Rough rides await

Image credit: Timmy Loen

Ninja Van has already made several moves to diversify its revenue streams – an acknowledgement of the need to revitalize growth.

The company has set its sights on the live selling space. Last year, it acquired Kaibo, a platform that enables businesses to build live sales operations on ecommerce platforms, for US$5 million to advance its efforts on this front.

Ninja Van has also launched new initiatives such as supply chain management solutions, known as Logistics+, and a public relations service for businesses that ship with the express delivery firm in Singapore.

Better luck second time around?

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