Ninja Van Revenue, Valuation, Funding & Investors

Ninja Van is valued at $1.9B as of September 2021. Ninja Van revenue was $149M, as disclosed with its April 2020 round.

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
  • Brunei Investment Agency
  • Alibaba Group
  • YJ Capital

Ninja Van Overview

About Ninja Van

Ninja Van is a technology-enabled parcel delivery and logistics company operating in Southeast Asia. It provides last-mile delivery, cross-border shipping, fulfillment, warehousing and related supply-chain services to e-commerce merchants, marketplaces, businesses and consumers. Revenue is generated from delivery, fulfillment and logistics service fees, generally linked to parcel volume and contracted services. The company was founded in Singapore in 2014 by Lai Chang Wen, Shaun Chong and Boxian Tan. It expanded from Singapore into Indonesia, Malaysia, the Philippines, Thailand and Vietnam and built a network combining sorting facilities, drivers and proprietary logistics software. Ninja Van serves both large platforms and smaller merchants and has used successive private rounds to invest in infrastructure, technology and regional growth.


Founded

2014

HQ

SingaporeSingapore

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 Brunei Investment Agency.

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
Ninja Van valuation by funding round
DateStageValuationRevenue Multiple
Sep 2021Series E$1.9B-
Apr 2020Series D$770M5.2x

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

Ninja Van revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2020$149M$770M5.2xSeries 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

Ninja Van funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2021Series EAlibaba Group (lead); Geopost; Monk’s Hill Ventures; B Capital; Brunei Investment Agency$578M$1.9BNinja 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 2020Series DGeopost (lead); Brunei Investment Agency (lead); Intouch; Grab; Golden Gate Ventures; B Capital; Bangkok Bank; Carmenta Capital Management$279M$770MNinja 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 2018Series CDPD 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 2016Series BAbraaj 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 2015Series AMonk’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, Brunei Investment Agency, Alibaba Group and YJ Capital.

Lead investors include Alibaba Group, Geopost, Brunei Investment Agency, DPD group, Abraaj Group and 1 other investor.


Ninja Van Investors

Investors in Ninja Van by funding rounds participated
InvestorHQRoundsRoleFirst check
Monk’s Hill VenturesSingaporeSingapore3LeadMar 2015
B CapitalUnited StatesLos Angeles, CA3ParticipantApr 2016
GeopostFranceParis2LeadApr 2020
Brunei Investment AgencyBruneiBandar Seri Begawan2LeadApr 2020
DPD groupFranceParis1LeadJan 2018
IntouchBelgiumSint-Truiden1ParticipantApr 2020
GrabSingaporeSingapore1ParticipantApr 2020
Alibaba GroupChinaHangzhou1LeadSep 2021
Golden Gate VenturesSingaporeSingapore1ParticipantApr 2020
Bangkok BankThailandBangkok1ParticipantApr 2020
Abraaj GroupUAEDubai1LeadApr 2016

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Ninja Van Competitors

Ninja Van competitors include listed companies like Mullen Group, Werner Enterprises and Shanghai Foreign Services, and private ones like Loggi, Flash Express and Veho.

Public and private companies comparable to Ninja Van
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LoggiBrazilSão PauloPrivate--$1.8B-
Mullen GroupCanadaCanadaPublicly listed$1.5B$230M$2B1.5x
Werner EnterprisesUnited StatesUnited StatesPublicly listed$3B$299M$1.7B0.7x
Flash ExpressThailandBangkokPrivate$414M-$2B4.8x
VehoUnited StatesBoulder, COPrivate$327M-$1.5B-
Shanghai Foreign ServicesChinaChinaPublicly listed$3.6B$150M$1.5B0.1x

Ninja Van Public Comps

Ninja Van is still privately-owned, but its public comps include Transfar Zhilian Co, STEF, Mullen Group, Werner Enterprises, Shadowfax, Hub Group, Alexandria Containers and Goods, Pitney Bowes, Mitsui-Soko Holdings and Shreeji Shipping Global.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Transfar Zhilian Co$3.8B$260M1.0x1.4x13.9x12.2x
STEF$5.7B$493M0.6x0.6x6.8x5.8x
Mullen Group$1.5B$230M1.7x1.5x11.2x9.3x
Werner Enterprises$3B$299M0.9x0.7x8.8x6.9x
Shadowfax$443M$25M3.6x2.8x64.5x47.7x
Hub Group$3.9B$333M0.5x0.6x6.2x8.9x
Alexandria Containers and Goods$150M$96M10.4x8.9x16.3x12.2x
Pitney Bowes$1.9B$406M2.1x2.1x9.7x7.0x

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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, Brunei Investment Agency, 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, Werner Enterprises, Flash Express, Veho and Shanghai Foreign Services.

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