Golden Gate Ventures | Venture Capital for Southeast Asia

Singapore’s Ninja Van Raises $279 Million After E-Commerce Surge

Singapore’s Ninja Van has raised $279 million from investors including France’s GeoPost SA and ride-hailing giant Grab, one of the few startups to score new funding since Covid-19 chilled deal activity.

Facebook co-founder Eduardo Saverin’s B Capital Group and Monk’s Hill Ventures joined Grab Holdings Inc. in the parcel delivery firm’s Series D round, completed after the pandemic drove a surge in online shopping among people sheltering in place. It brings Ninja Van’s total capital raised to roughly $400 million.

Ninja Van, which helps e-commerce clients deliver more than a million packages daily across six Southeast Asian countries, is benefiting from a spike in orders even while coping with the economic fallout of coronavirus lockdowns. Dozens of regional startups have shed jobs, while others like Oyo and Grab are furloughing workers or asking them to take unpaid leave. Ninja Van’s fundraising surpassed a $200 million target set about a year ago, according to Chief Executive Officer Lai Chang Wen.
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