Ninja Van raises $578m from AIibaba and existing investors

Ninja Van, a Southeast Asian logistics company, has raised US$578 million in a series E round. Alibaba Group joined the round alongside existing investors DPDgroup, B Capital Group, Monk’s Hill Ventures, and Zamrud, an entity linked to Brunei’s sovereign wealth fund.

The new investment likely puts it in unicorn territory. Ninja Van is valued at US$2.1 billion, according to Venturecap Insights. Meanwhile, Ninja Van’s filing shows that it now has US$970 million in paid-up capital – that is the amount paid to the company by investors to own its shares. Citing sources, Bloomberg reports that its valuation is well past US$1 billion.

Ninja Van declined to comment on its valuation.

With this new investment DPDgroup increases its take in Ninja Van to 40%.

The company, which is reportedly a year away from a public listing, employs more than 61,000 people, most of whom are delivery staff. It sends out 2 million parcels a day, which means its business doubled within a span of one to two years.

See also: Ninja Van sees 3x rise in revenue in FYE 2019, but a tough fight lies ahead

Ninja Van faces stiff competition from J&T Express, which raised US$2 billion ahead of a potential US listing.

That said, Ninja Van is diversifying beyond its mainstay last-mile fulfillment business towards helping independent online merchants source for products.

Update (September 29, 2021 17:01pm): The article was updated to include Ninja Van’s current valuation on Venturecap Insights and DPDgroup’s stake in the company post the round.