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Business Times
8 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
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
a day 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
Business Upturn
21-05-2025
- Business
- Business Upturn
Kopi Kenangan Expands Its Presence in India with Second Store Opening at SDA Market, New Delhi
By Business Wire Published on May 21, 2025, 11:27 IST New Delhi, India: Kopi Kenangan, Southeast Asia's fastest-growing coffee chain and the region's first food and beverage unicorn, is excited to announce the opening of its second Kenangan Coffee store in India at SDA Market, New Delhi. Within a month following the successful launch of its inaugural store at Pacific Mall, Tagore Garden, Delhi, this new store opening marks a significant step in the brand's expansion in one of the world's fastest-growing café markets. The brand, backed by investors like Peak XV, Sequoia Capital, Serena Ventures by Serena Williams, and B Capital by Eduardo Saverin (Co-Founder of Meta), continues to build momentum in bringing its signature Indonesian coffee experience to coffee lovers in India. Expanding Reach in India's Thriving Coffee Culture India's coffee consumption is experiencing a significant surge, with total consumption projected to surpass one million bags between 2023 and 2024. This growth is driven by factors such as rising disposable incomes, urbanization, and an increasingly dynamic café culture, particularly in cities like New Delhi. As the market evolves, there is also a growing demand for health-conscious choices, with consumers shifting towards healthier, natural alternatives in their beverages. Kenangan Coffee is well-positioned to meet this demand with its use of Gula Aren, a natural palm sugar that offers a rich, flavorful taste with a lower glycemic index. This unique ingredient aligns with the brand's commitment to providing a healthier alternative to refined sugars, catering to modern Indian coffee drinkers who seek both taste and wellness in their coffee choices. Edward Tirtanata, Co-founder & Group CEO of Kenangan Brands, expressed his excitement about the new store launch, saying, ' After the overwhelming response at Pacific Mall, we are thrilled to open our second store in SDA Market, Delhi. The Indian market has shown great enthusiasm for our unique offerings, and we are excited to continue building our presence here. We remain committed to delivering high-quality coffee that resonates with local preferences while offering an authentic Indonesian experience.' The new SDA Market location will feature a varied menu of over 35 beverages and food items, blending Indonesian, Indian, and international flavors. Each drink and dish is crafted using the freshest ingredients, ensuring that every customer experiences a unique fusion of both cultures in every sip and bite. Commitment to Local Growth and Community Founded in 2017, Kopi Kenangan has expanded to over 1000 outlets with a presence across Indonesia, Malaysia, Singapore, the Philippines, India, and Australia. With the opening of its second store in India, the company is on track to continue its international expansion, aiming for 10+ outlets in India by the end of 2025. The company plans to grow its team in India, including hiring more than 100 employees across coffee chain operations, office roles, and sourcing partnerships. Sanjay Mohta, Vice President & General Manager – India, commented, 'Our expansion in Delhi has been a resounding success, and we're excited to build on that momentum with our second store at SDA Market. We are focused on blending Indonesian craftsmanship with local flavors to create a coffee experience that resonates with India's diverse coffee culture. We look forward to growing our community of coffee lovers and making a lasting impact on the local café scene.' In line with its growth strategy, Kenangan Coffee remains committed to supporting local agriculture by sourcing select coffee offerings from Indian producers, complementing its range of Indonesian coffee. Additionally, the company continues to invest in local talent, providing employment opportunities across various roles to strengthen its presence and connection to the community. For more information, please visit: Kopi Kenangan is Indonesia's fastest growing New Retail F&B chain well-known for its great tasting coffee. Founded in 2017, Kopi Kenangan initially targets a gap in the market between high-priced coffee served by international coffee chains and instant coffee sold at many of the country's roadside kiosks and street stalls. Through understanding and exploring local flavors as well as a 'new retail' online and offline model that focuses on the customer experience, Kopi Kenangan envisions introducing high-quality local coffee to the world through affordable quality products, fast and friendly service, quality control, and creative business development. Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Business Wire is an American company that disseminates full-text press releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases, bloggers, social networks and other audiences.
