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Miguel Cordon · · 1 min readReport: Ninja Van to go public as early as next year
“Ninja Van, a logistics group that has used motorcycles, boats, and even water buffaloes to deliver 1.7 million parcels every day across Southeast Asia, is considering an initial public offering as early as next year after being valued at US$1 billion,” the Financial Times reported.
Details:
- The company’s CEO and co-founder, Chang Wen Lai, said Ninja Van was “a year away” from making its stock market debut. The US is the most likely venue for its listing, a source said.
- While Ninja Van has yet to disclose its valuation, one source told the Financial Times that the startup had attained unicorn status after its US$279 million funding round last year. Ninja Van is close to breaking even and is targeting profitability in 2022, according to the report.
Dive deeper:
- The report comes after Ninja Van was able to grow its revenue by over 3x in the financial year ending June 2019 compared with a year earlier. Its operating loss, however, more than doubled in the same span of time. (Read: Ninja Van sees 3x rise in revenue in FYE 2019, but a tough fight lies ahead)
- One of the Singapore-based firm’s rivals, J&T Express, also recently secured US$2 billion at a pre-money valuation of around US$6 billion ahead of its own public listing.
Editing by Collin Furtado and Arpit Nayak
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