Photo credit: Ninja Van.
The news (extracted from Reuters):
- Singaporean last-mile logistics provider Ninja Van is said to be raising up to US$60 million in its latest funding round as it charts an aggressive expansion in key regional markets.
- Ninja Van co-founder and CEO Lai Chang Wen said that would involve expanding operations to smaller cities and more remote locations, such as Papua in Indonesia’s far east.
- Emerging markets-focused private equity firm Abraaj Group, which led Ninja Van’s US$30 million series B round in April 2016, is reportedly participating in the new round.
Why it matters:
- Ninja Van – which uses proprietary technology to manage its fleet and optimize routing – launched in Thailand last month, and also operates in Indonesia, Malaysia, Vietnam, and the Philippines. Lai has previously said that the company is “gunning for 100 percent coverage” of all Southeast Asian markets it currently operates in.
- The archipelagic nature of much of the region creates significant logistical problems, as do underdeveloped transport infrastructure and a rapidly growing number of vehicles.
- However, the boom in regional ecommerce – and the predicted entry of major foreign players such as Amazon – presents a significant opportunity for “last mile” logistics companies. Ninja Van’s Hong Kong-based competitor Gogovan was valued at over US$1 billion after a merger last month.
This post Brief: Ninja Van reportedly eyes $60m series C to reach remote communities appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/ninja-van-raising-series-c
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