Ninja Van’s revenue shrinks, losses narrow 31% in FY2025

2025 was a competitive year for the ecommerce logistics sector across Southeast Asia.

As price wars among the region’s logistics players squeeze margins, Ninja Van’s revenue shrank 3% to US$702 million – its second consecutive year of decline – for the fiscal year ended June 2025 (FY2025). Meanwhile, its losses before tax improved 32% to US$102 million for the period.

Lai Chang Wen, CEO and co-founder of Ninja Van, attributes the decline in revenue to the company’s discipline “on pricing and customer selection.”

Over the past 18 to 24 months, the firm took “significant steps to resize the business and improve operational efficiency,” Lai tells Tech in Asia. This substantially reduced operating costs and materially improved losses during the year.

The Singapore-headquartered third-party logistics firm is optimistic that operational spending cuts and the steps it’s taking to evolve the business beyond traditional ecommerce parcel delivery will mean stronger underlying economics and sustain the business over the long term.

Ninja Van co-founder and CEO Lai Chang Wen / Photo credit: Ninja Van

Last year, Ninja Van continued to lose market share in the ecommerce logistics sector in Southeast Asia as competition has intensified and as platforms such as Shopee increasingly rely on in-house delivery fleets.

According to a report by Momentum Works, SPX Express, J&T Express, and Lazada Logistics controlled some 67% of the region’s total parcel volume in 2025.

The remainder was split among smaller players including Ninja Van, Flash Express, JNE, SiCepat, GHN Express, and POS Malaysia. These players now mainly complement in-house logistics platforms and have little pricing power, noted Momentum Works.

Since expanding into B2B logistics and cold chain services two years ago, Lai says Ninja Van has seen “encouraging traction with both existing and new enterprise customers” for the two services, though he did not provide any figures.

Major efficiency gains

Where it stands now