Alibaba nearing investment in S’pore unicorn Ninja Van

Big operations: A Ninja Van employee unloads his delivery van in Singapore. The company operates in six markets in South-East Asia and delivers close to two million parcels a day. — Reuters

SINGAPORE: Ninja Van, a Singaporean logistics startup, is set to raise about US$580mil (RM2.43bil) from investors including Chinese e-commerce giant Alibaba Group Holding Ltd, according to people familiar with the matter.

Some of Ninja Van’s existing investors will also participate in the series E round, the people said, asking not to be identified because the matter is private.

Those include B Capital Group, the venture capital firm set up by Facebook Inc co-founder Eduardo Saverin and Raj Ganguly, a former executive at Bain Capital, and European parcel delivery company Geopost/DPDgroup, the people said.

The new funding round will help lift the company’s valuation to well beyond US$1bil (RM4.19bil) ahead of a potential initial public offering as early as next year, the people said.

Venture capital firm Monk’s Hill Ventures and Zamrud, an existing investor linked to a South-East Asian sovereign wealth fund, are also participating in the round, the people said.

Ninja Van plans to use the funds to better its infrastructure and technology, as it seeks to be cost efficient while improving the quality of its operations.

Representatives for Alibaba, B Capital, Geopost, Monk’s Hill Ventures couldn’t immediately be reached for comment by phone or email outside of normal business hours. A Ninja Van representative couldn’t immediately comment.

Investors are betting on transportation, logistics and warehouse companies amid a boom in e-commerce, one of the beneficiaries of the coronavirus pandemic.

Founded in 2014, Ninja Van operates in six markets in South-East Asia and delivers close to two million parcels a day in the region, according to its website.

It raised USS$279mil (RM1.17bil) in a series D round last year where participants included ride-hailing firm Grab Holdings Inc.

Ninja Van’s clients include PT Tokopedia, which has merged with ride-hailing giant Gojek to create GoTo, Indonesia’s most valuable startup, Alibaba’s Lazada Group and Shopee, a unit of Singapore-based Sea Ltd.

The logistics startup also works with global consumer groups such as Unilever Plc and with smaller shops. — Bloomberg