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- Ninja Van
Ninja Van Revenue, Valuation, Funding & Investors
Ninja Van is valued at $1.9B as of September 2021.
Last Ninja Van valuation
$1.9B
Series E · Sep 2021
Last Ninja Van funding round
$578M
Series E · Sep 2021
Ninja Van revenue
$149M
Series D · Apr 2020
Key investors in Ninja Van
B Capital
Monk’s Hill Ventures
Geopost
Zamrud Sovereign Wealth Fund
Alibaba Group
YJ Capital
About Ninja Van
Ninja Van is a Singapore-headquartered last-mile logistics provider operating across Southeast Asia. Founded in 2014, it serves e-commerce platforms with parcel tracking, same-day delivery, and warehousing in Indonesia, Vietnam, Malaysia, Philippines, and Thailand.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Revenue
$149M (Apr 2020)
Valuation
$1.9B (Sep 2021)
Ninja Van Valuation
Ninja Van is currently valued at $1.9B, based on its Series E in September 2021.
The $578M round was led by Alibaba Group, with participation from Geopost, Monk’s Hill Ventures, B Capital and Zamrud Sovereign Wealth Fund.
Ninja Van's valuation has grown 2.4x from $770M at its Series D in April 2020 to $1.9B in September 2021, across 2 priced rounds.
Ninja Van valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2021 | Series E | $1.9B | - |
| Apr 2020 | Series D | $770M | 5.2x |
Ninja Van Revenue
Ninja Van's latest recorded revenue is $149M, as of its Series D in April 2020. At a $770M valuation, that implies a 5.2x revenue multiple.
Ninja Van revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2020 | $149M | $770M | 5.2x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ninja Van Funding History
Ninja Van has raised a total of $975M across 5 funding rounds.
Ninja Van's first fundraising round was a $3M Series A in March 2015. The most recent completed round was a $578M Series E in September 2021.
Ninja Van funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2021 | Series E | Alibaba Group (lead); Geopost; Monk’s Hill Ventures; B Capital; Zamrud Sovereign Wealth Fund | $578M | $1.9B | Ninja Van is a Singapore-based logistics startup founded in 2014, operating a regional platform across Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. The company provides e-commerce logistics services, handling approximately 2 million packages daily with over 61,000 staff and delivery personnel, and serves more than 1.5 million active shippers and 100 million recipients. It focuses on technology-enabled logistics to support e-commerce growth in Southeast Asia, including micro supply chain solutions. On September 26, 2021, Ninja Van closed a $578 million Series E funding round led by Alibaba Group, with participation from existing investors B Capital Group, GeoPost (DPDgroup parent), Monk’s Hill Ventures, and Brunei’s Zamrud sovereign wealth fund. The round brought total funding to $976.5 million following prior rounds including a $279 million Series D in April 2020. Proceeds were allocated to strengthen operations infrastructure, technology systems, and e-commerce opportunities in the region. The Series E valued Ninja Van at $1.85 billion post-money, surpassing unicorn status as reported contemporaneously. CEO Lai Chang Wen highlighted the investor quality as validation of e-commerce logistics potential, positioning Ninja Van centrally in meeting regional demands. Alibaba's Kenny Ho emphasized the company's regional presence and insights to enhance e-commerce ecosystem services. |
| Apr 2020 | Series D | Geopost (lead); Zamrud Sovereign Wealth Fund (lead); Intouch; Grab; Golden Gate Ventures; B Capital; Bangkok Bank; Carmenta Capital Management | $279M | $770M | Ninja Van is a Singapore-based tech-enabled express logistics company founded in 2014, specializing in last-mile delivery services across Southeast Asia, including Singapore, Malaysia, Philippines, Indonesia, Thailand, and Vietnam. It partners with major e-commerce platforms like Lazada, Tokopedia, and Shopee, leveraging vehicle routing algorithms for efficient deliveries and claiming 100% regional service coverage with over 34,000 employees and 1,800 sorting stations. The company raised $279 million in its Series D funding round around April-May 2020, backed by investors including GeoPost (DPDgroup), Grab, and others, though specific lead investors like Zamrud Sovereign Wealth Fund and exact date of September 4 align closely with reported activity. A later report notes the company had passed $1 billion valuation post-2020 funding. Ninja Van reported $149.3 million in revenue for 2019, with an $84.1 million loss, and was nearly break-even by the IPO consideration period, targeting profitability the following year. Delivery volumes surged during COVID-19, from 1.5 million parcels daily in May 2020 to 1.7 million later that year, driving growth amid e-commerce demand. The startup continued raising capital, including a $578 million Series E in September 2021 at $1 billion valuation from investors like Alibaba, DPDgroup, and B Capital, bringing total funding to over $1 billion across eight rounds. It faced challenges later, with layoffs in 2024 and suspended operations in Vietnam. Ninja Van weighs an IPO, potentially in the US, as e-commerce logistics demand persists. |
| Jan 2018 | Series C | DPD group (lead) | $85M | - | Ninja Van is a Singapore-based last-mile logistics startup founded in 2014, operating across Southeast Asia including Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. It provides parcel delivery services leveraging proprietary algorithms for route planning and fleet management to optimize deliveries in a fragmented market. In January 2018, Ninja Van raised $85 million in its Series C funding round led by DPDgroup, following prior rounds of $2.5 million Series A in 2015 and $30 million Series B in 2016. The funds were intended to enhance last-mile delivery services, expand market reach, invest in technology, and capitalize on Southeast Asia's booming e-commerce sector, projected to reach $88 billion in annual sales by 2025. At the time, the company had over 1,000 employees and delivered millions of packages monthly across six countries. Later rounds included a $279 million Series D in April 2020 (valuation around $750 million) and a $578 million Series E in 2021 (over $1 billion valuation), bringing total funding to $976.5 million by 2021, with investors like Alibaba, B Capital, and Zamrud. By 2021, Ninja Van delivered about 2 million parcels daily, serving over 1.5 million active shippers and 100 million recipients, with more than 61,000 staff. In October 2024, it secured $50 million in debt financing from HSBC for regional growth. |
| Apr 2016 | Series B | Abraaj Group (lead); Monk’s Hill Ventures (lead); B Capital; YJ Capital | $30M | - | Ninja Van, operating as Ninja Logistics, is a Singapore-based last-mile logistics provider serving e-commerce companies in Singapore, Malaysia, and Indonesia. It partners with transport fleets and uses algorithms to optimize delivery routes, delivering around 15,000 packages daily and supporting 3,000 clients including major e-commerce firms. The company raised $30 million in a Series B round on April 19, 2016, led by Abraaj Group with participation from Monk’s Hill Ventures, B Capital Group, and YJ Capital (Yahoo Japan’s corporate venturing unit). This followed a $2.5 million Series A in March 2015 led by Monk’s Hill Ventures. The funding aims to expand operations into Thailand, Vietnam, and the Philippines by the end of 2016, tripling the customer service team size, and building a regional logistics system combining self-collection and crowdsourced fleets. Ninja Van focuses on penetrating tier-two and tier-three cities beyond major urban areas to support e-commerce growth amid regional challenges like scattered logistics providers. CEO Chang Wen Lai emphasized investments in people, technology, customer service, and loyalty to outperform incumbents and smaller competitors. Abraaj’s Omar Lodhi highlighted the doubling of Southeast Asia’s e-commerce sector over four years, with last-mile logistics as a key bottleneck that Ninja Van addresses through value-added services like cash-on-delivery and affordable deliveries to remote areas. The round positions Ninja Van as a plug-and-play logistics partner powered by proprietary cloud-based technology for e-commerce sellers across Southeast Asia. |
| Mar 2015 | Series A | Monk’s Hill Ventures (lead) | $3M | - | Ninja Van raised $2.5 million in its Series A funding round in March 2015, led by Monk’s Hill Ventures, to expand operations and enhance logistics capabilities. The company operates as a logistics service provider focused on last-mile delivery for online merchants and small businesses across Southeast Asia, including Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. Subsequent rounds included a $30 million Series B in April 2016 led by Abraaj Group with participation from Monk’s Hill Ventures, B Capital, and YJ Capital, and a $279 million Series D in April 2020 led by GeoPost. |
Who has invested in Ninja Van?
13 investors have backed Ninja Van across its funding rounds, including B Capital, Monk’s Hill Ventures, Geopost, Zamrud Sovereign Wealth Fund, Alibaba Group and YJ Capital.
Lead investors include Alibaba Group, Geopost, Zamrud Sovereign Wealth Fund, DPD group, Abraaj Group and 1 other investor.
Ninja Van Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2015 | ||
| 3 | Participant | Apr 2016 | ||
| 2 | Lead | Apr 2020 | ||
| 2 | Lead | Apr 2020 | ||
| 1 | Lead | Jan 2018 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Lead | Sep 2021 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Lead | Apr 2016 | ||
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Start Free TrialNinja Van Competitors
Ninja Van competitors include listed companies like Mullen Group, Werner Enterprises and Fukuyama Transporting, and private ones like Loggi, Flash Express and Veho.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.8B | - | ||
| Publicly listed | $1.5B | $230M | $1.7B | 1.4x | ||
| Private | $414M | - | $2B | 4.8x | ||
| Publicly listed | $3B | $299M | $2.2B | 0.9x | ||
| Private | $327M | - | $1.5B | - | ||
| Publicly listed | $2B | $276M | $1.4B | 0.9x |
Ninja Van Public Comps
Ninja Van is still privately-owned, but its public comps include STEF, Transfar Zhilian Co, Alexandria Containers and Goods, Flex LNG, Xinhua Winshare, Mullen Group, Hub Group, Mitsui-Soko Holdings, Werner Enterprises and Shadowfax.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5.9B | $508M | 0.6x | 0.6x | 6.8x | 6.0x | |||
| $3.7B | $258M | 1.0x | 1.3x | 14.0x | 12.5x | |||
| $160M | $102M | 11.4x | 10.5x | 17.9x | 14.4x | |||
| $348M | $240M | 9.1x | 8.8x | 13.1x | 11.9x | |||
| $1.7B | $248M | 0.4x | 0.4x | 2.9x | 3.4x | |||
| $1.5B | $230M | 1.5x | 1.4x | 10.3x | 9.1x | |||
| $3.9B | $333M | 0.6x | 0.7x | 7.4x | 9.4x | |||
| $1.9B | $213M | 1.0x | 1.0x | 9.4x | - | |||
This data is available for Pro users. Sign up to see all Ninja Van competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ninja Van
| When was Ninja Van founded? | Ninja Van was founded in 2014. |
| Where is Ninja Van headquartered? | Ninja Van is headquartered in Singapore, Singapore. |
| Is Ninja Van publicly listed? | No, Ninja Van is a private, VC-backed company. |
| What is Ninja Van's valuation? | Ninja Van was last valued at $1.9B in its Series E in September 2021. |
| How much funding has Ninja Van raised? | Ninja Van has raised $975M across 5 funding rounds. |
| What was Ninja Van's last funding round? | Ninja Van's last funding round was a $578M Series E in September 2021, led by Alibaba Group. |
| Who are Ninja Van's investors? | Ninja Van's investors include Monk’s Hill Ventures, B Capital, Geopost, Zamrud Sovereign Wealth Fund, DPD group, Intouch, Grab, Alibaba Group, Golden Gate Ventures, Bangkok Bank and 3 others. |
| What is Ninja Van's revenue? | Ninja Van's latest recorded revenue is $149M (April 2020). |
| What is Ninja Van's revenue multiple? | Ninja Van's latest valuation implies a 5.2x revenue multiple ($770M valuation on $149M of revenue). |
| Which companies are comparable to Ninja Van? | Companies comparable to Ninja Van include Loggi, Mullen Group, Flash Express, Werner Enterprises, Veho and Fukuyama Transporting. |
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