Singapore-based last-mile delivery service Ninja Van has secured approximately $124m in series D equity funding since April 2019 from investors including corporates Grab, Intouch Holdings, Carmenta and GeoPost, DealStreetAsia has reported.
Brunei sovereign wealth vehicle Zimrud led the round with $50m, while logistics services provider GeoPost supplied $27.5m, mapping software producer Carmenta and ride hailing service Grab invested $10m each, and telecoms firm Intouch Holdings provided $3m, according to data sourced by DealStreetAsia.
Venture capital firm B Capital Group invested $16.2m, financial services firm Bangkok Bank $5m and GXH Investments, a partnership between conglomerate Hanwha and VC firm Golden Gate Ventures, supplied $2.5m. Grab committed to $15m but is yet to hand over the final $5m. Ninja Van was valued at about $590m in the round.
GeoPost had also provided $29m in convertible note financing for the company in late 2018 together with $10m from B Capital, with both since converted to equity. GeoPost added $50m in September 2019 which is yet to be converted.
Ninja Van’s last-mile logistics service spans six Southeast Asian markets and encompasses a range of delivery and pickup services for online merchants and small businesses as well as larger enterprise customers. It intends to expand into Brunei later this year, it said in February.
The round comes after GeoPost subsidiary DPD Group took part in a series C round for the company in early 2018 that was reportedly sized at $87m, and which valued it at $235m according to DealStreetAsia.
Private equity firm Abraaj Group led a $30m series B round for Ninja Van in 2016 that included YJ Capital, a subsidiary of internet company Yahoo Japan, in addition to B Capital and Monk’s Hill Ventures. It had previously raised $2.5m in a 2015 series A co-led by Monk’s Hill and Insas.
