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Business Times
11 hours ago
- Business
- Business Times
Ninja Van axes 12% of Singapore staff amid US$80 million fundraising
[SINGAPORE] Ninja Van has cut 12 per cent of its Singapore workforce even as it kicks off an internal round of fund-raising which will slash its valuation by about half. The current development at the logistics startup is the latest sign of tech companies struggling to navigate the funding winter plaguing South-east Asia. 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, said 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. CNA on Tuesday (Aug 12) reported Ninja Van's latest retrenchment, which the company said was 'not made lightly' and are part of a long-term effort to strengthen its business model and ensure sustainable growth. Ninja Van added that it undertook a 'strategic restructuring' of its teams. 'Unfortunately, despite our efforts to minimise impact, we were unable to avoid layoffs; and this has impacted an estimate of 12 per cent of our colleagues in Singapore,' it told CNA. The latest round of job cuts follows layoffs in April and July last year, affecting the company's regional tech team and Singapore-based workforce, respectively. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up In its latest fund raising, investors in this round secured favourable or preferential terms for a future exit, according to 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 is losing its lustre. While e-commerce is gaining popularity in the region of more than 650 million people, stiff competition and deep-pocketed players such as 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, indicated 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
Yahoo
a day ago
- Business
- Yahoo
Alibaba-Backed Ninja Van Faces $1B Valuation Reset in Brutal Southeast Asia Funding Winter
Ninja Van is bracing for a valuation haircut. The Singapore-based logistics startup, backed by Alibaba Group Holding Ltd. (NYSE:BABA), is in talks to raise $80 million in an internal round that could bring its valuation down to about $1 billionroughly half of where it stood in 2021. According to people familiar with the matter, existing investors B Capital Group, co-founded by Eduardo Saverin, and Monk's Hill Ventures are set to lead the round, with terms designed to give them preferential exit options in the future. It's a move unfolding in one of the toughest fundraising environments Southeast Asia's tech scene has seen in years, marked by layoffs, leadership shake-ups, and a sharp pullback in startup valuations. Warning! GuruFocus has detected 2 Warning Signs with BABA. The recalibration mirrors broader pressures across the region's tech landscape. Grab Holdings Ltd. and GoTo Group have underperformed relative to U.S. Big Tech as they juggle growth ambitions with the need to shore up profitability. For logistics players, the challenge is even steeper. Competition from J&T Global Express Ltd. and Sea Ltd.'s SPX Express is keeping margins thin, even as e-commerce adoption accelerates in a market of more than 650 million people. Investors are increasingly focused on operational discipline, and valuation resets are becoming part of the playbook for companies looking to stay competitive. Founded in 2014, Ninja Van operates in six Southeast Asian markets, delivering about 2 million parcels a day, according to its website. Its last major raise$578 million in a 2021 Series E from Alibaba, B Capital, and otherspushed its valuation well north of $1 billion. That momentum has since cooled, with management shelving IPO ambitions until profitability improves. For now, the company's near-term story could be less about chasing market share and more about finding the right cost structure to make the eventual public market debut worth investors' wait. This article first appeared on GuruFocus.
Business Times
a day ago
- Business
- Business Times
Ninja Van to raise US$80 million in round that will halve valuation: sources
[SINGAPORE] Logistics startup Ninja Van is in talks to raise an internal round which will slash its valuation by about half, the latest sign of tech companies struggling to navigate the funding winter plaguing South-east Asia. 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 such as 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
Business Times
2 days ago
- Business
- Business Times
Singapore's Ninja Van said to halve valuation in latest round
[SINGAPORE] Logistics startup Ninja Van is in talks to raise an internal round which will slash its valuation by about half, the latest sign of tech companies struggling to navigate the funding winter plaguing South-east Asia. 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
Straits Times
2 days ago
- Business
- Straits Times
Singapore's Ninja Van said to halve valuation in latest funding round
Sign up now: Get ST's newsletters delivered to your inbox Ninja Van, backed by Alibaba Group, is set to raise US$80 million in a round that will slash its valuation by about half to around US$1 billion. SINGAPORE - Logistics start-up Ninja Van is in talks to raise an internal round which will slash its valuation by about half, the latest sign of tech companies struggling to navigate the funding winter plaguing South-east Asia. Singapore-based Ninja Van, backed by Alibaba Group Holding, is set to raise US$80 million (S$102.8 million) in a round that will reduce its valuation to about US$1 billion, according to people 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 people. Investors in this round secured favourable or preferential terms for a future exit, according to the people. 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 start-up 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 Gojek parent 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. Top stories Swipe. Select. Stay informed. Business Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Business Singtel, StarHub shares fall after announcement of Keppel's M1 sale Singapore Healthy lifestyle changes could save Singapore $650 million in healthcare costs by 2050: Study Opinion Anwar's government: Full house but plenty of empty offices Singapore 79 arrested, over 3kg of heroin seized in 5-day drug blitz Singapore Man's claim amid divorce that his mother is true owner of 3 properties cuts no ice with judge Asia Tourist spots in South Korea face complaints over rude service, price gouging during peak season Business Nvidia, AMD to pay 15% of China chip sale revenues to US, official says 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, turning the start-up into a unicorn. BLOOMBERG
