Singapore e-commerce delivery firm Ninja Van raises $279 mil. to venture into B2B field
SINGAPORE, NNA - Ninja Van, a Singaporean delivery company targeting e-commerce, has raised $279 million in its latest round of funding to strengthen its business and to venture into the business-to-business sector, the company said Tuesday.
Investors including GeoPost, a leading European delivery firm in France, B-Capital Group formed by Facebook co-founder Eduardo Saverin, and Grab Holding Inc., a Singapore-based technology firm offering ride-hailing transport services, participated in the funding.
It was the fourth round of Ninja Van’s Series D financing. The company has so far raised a total of $400 million.
Founded in 2014, Ninja Van has expanded its business in Singapore, Malaysia, Indonesia, the Philippines, Thailand and Vietnam. It handles over one million parcels per day on average.
Demand for online shopping and delivery services has grown due to the spread of Covid-19.
“It’s a small bump for us, about a 10-19 percent increase which varies across markets,” Wu Ying Ying, regional head of communications for Ninja Van, told NNA.
“Social distancing may be an inflection point that Southeast Asia needs for e-commerce,” she added.