Singapore's Ninja Van said to halve valuation in latest round
Singapore-based Ninja Van, backed by Alibaba Group Holding, is set to raise US$80 million in a round that will reduce its valuation to about US$1 billion, according to sources familiar with the matter. Existing investors B Capital Group, the venture capital firm set up by Meta Platforms co-founder Eduardo Saverin and Raj Ganguly, as well as Monk's Hill Ventures, will be leading the round, said the sources, who asked not to be named because the information is private.
Investors in this round secured favourable or preferential terms for a future exit, according to the sources. A spokesperson for Ninja Van declined to comment. B Capital and Monk's Hill did not respond to requests for comment.
Ninja Van is raising capital during one of the hardest possible times for fledgling firms. The South-east Asia technology industry has been plagued by job cuts, CEO resignations and falling startup valuations amid prolonged global macroeconomic uncertainties, making it difficult for companies to secure funding or debut on public markets.
Shares of regional tech peers Grab Holdings and GoTo Group have underperformed compared to Big Tech in the US as they work to balance growth and profitability in a region that's losing its lustre. While e-commerce is gaining popularity in the region of more than 650 million people, stiff competition and deep-pocketed players like J&T Global Express and Sea's SPX Express have kept profit margins slim in the logistics industry.
Founded in 2014, Ninja Van operates in six markets in South-east Asia and delivers two million parcels a day, according to its website. It raised US$578 million in a Series E round in 2021 from participants including Alibaba and B Capital Group. The round lifted the company's valuation to well beyond US$1 billion, Bloomberg News reported earlier. BLOOMBERG
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Simba's acquisition of M1 may drive down mobile plan prices, analysts say
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Related to this issue is how schools and tertiary institutions ought to prepare the next generation for the age of AI. WINNING FRIENDS AND INFLUENCING PEOPLE As the debate over the impact of generative AI on jobs rages on, certain things have become clear. Large-scale job loss is unlikely, but the nature of work could change significantly. Skills like graphic design, professional writing or coding that were once relatively scarce may become less so as AI equips laypersons with the tools to become effective designers, writers or 'vibe' coders. At the same time, new jobs will be created, just as the industrial age, the computer era and the advent of the internet introduced entire new classes of jobs that did not previously exist. The question is whether there will be more good jobs or grunt jobs for human beings – whether AI will take over the choicest tasks, or whether it will free people from drudgery and empower them to pursue work with greater meaning. One reason to be hopeful is the inherent advantage human beings have in understanding and influencing decision makers. It is unlikely that consumers and business owners will ever fully devolve to AI decisions on purchases, investments and hiring. This is because such decisions are deeply personal, reflecting individual preferences, comfort levels and trust. As long as there is a need to convince decision makers of a course of action, human beings have a unique advantage. They are able to read a person's tone and body language, to judge his or her mood, and bring to bear knowledge of the person's preferences and proclivities in a way a machine cannot. Generative AI excels in text and logic as it is trained on vast amounts of recorded material. But much information about a person isn't codified, even if he or she is a prominent figure. This means that someone who actually knows the decision maker, or who has at least interacted with the person before, will be at a considerable advantage over AI in knowing how to make an effective presentation or sales pitch. The adage 'Whom you know is more important than what you know' still holds true in the age of AI. Networking and trust-building are uniquely human endeavours. AI can help draft a speech or spruce up a presentation, but the human insight into others remains critical. Leadership, too, is an inherently human exercise. Human leaders will still be relied on to organise people and lead teams, as success hinges on communication and trust, negotiation and compromise, beyond mere algorithms. THE HUMAN FACTOR IN STORIES AND SPORTS Another innate human advantage is the power of connection through storytelling. Human communicators will always have an edge over AI in being able to tell authentic stories from personal experience. This is evident in books and movies. Fiction draws readers because it recreates human drama in imagined settings, but there is a unique place for the memoir, or narratives based on actual people and events. Consider The Salt Path, a 2018 bestselling memoir recently turned into a movie. It recounts the story of the author and her husband, who set out on a long walk after losing their home and learning that one of them had a terminal illness. Their journey inspired readers with its story of human triumph over despair. A subsequent report by The Observer newspaper disputed key events underpinning this narrative. Regardless of the merit of these claims, the doubt cast on what is billed as a true story has had significant repercussions for the book's marketability. The world of sports provides another illustration. Much of the allure of sports lies in human drama – in human rivalry, the rise and fall of stars, in battling against the odds, and in the split-second decisions that alter the course of a match. 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CNA
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