Ninja Van, a Singapore-based last-mile delivery service backed by internet company Yahoo Japan, is aiming to secure at least $60m in a series C round, Reuters reported yesterday.
Private equity firm Abraaj Group is reportedly set to return, as are other, unnamed shareholders.
Ninja Van operates a last-mile logistics service in six countries across Southeast Asia, enabling e-commerce companies to deliver goods to consumers. The company partners transport fleets and uses algorithms to manage routes.
The series C round would allow Ninja Van to continue its regional expansion efforts, having launched in Thailand only last month.
YJ Capital, the corporate venturing unit of Yahoo Japan, supported a $30m series B round in April 2016 alongside Abraaj, which led the round through an unnamed fund, Monk’s Hill Ventures and B Capital Group.
Ninja Van had already obtained $2.5m in a series A round in 2015 led by Monk’s Hill Ventures and backed by investment group Insas.
Lai Chang Wen, chief executive and co-founder of Ninja Van, told Reuters in a previous interview: “One of our first expansion plans, which is under way at the moment, is expanding our coverage in Southeast Asia. So in every one of these countries we are gunning for 100% coverage.”