Southeast Asia-based last-mile logistics company Ninja Van has secured around $274 million in funding amid the coronavirus pandemic, which has pushed the global economy into recession, the media reported.
So far, the company has raised around $241.5 million in five separate funding rounds, the previous one being in 2018.
Investors who took part in the funding round for Ninja Van includes Zamrud-Brunei’s state fund, US VC firm Carmenta Capital Management, Bangkok Bank, Thai telco Intouch Holdings, and GxH Investments, a partnership between Singapore’s Golden Gate Ventures and South Korea’s Hanwha Asset Management.
The Covid-19 pandemic has led to a slowdown in ecommerce supply chain, however, the industry has proved to be resilient when compared to other industries such as travel, hospitality, or aviation in particular.
Changwen Lai, co-founder, and chief executive officer at Ninja Van, said in another interview, “Thankfully, Ninja Van is not badly affected by this. Yes, our costs have gone up. Yes, productivity has gone down significantly. But online shopping is going to grow.”
He also said, “The big question here is, when will social distancing end? Retail may open again, but will footfall remains the same in the next year? Previously, online was considered ancillary to the overall revenue, but COVID-19 has forced the retail world to shift online.”
The company recently launched Ninja Direct, a feature that helps online sellers, source, purchase, ship, and finance wholesale products.
Established in 2014, the logistics company operates in Singapore, Malaysia, Indonesia, Vietnam, the Philippines, and Thailand. Reportedly, it is also planning to expand in Brunei.