Southeast Asian last-mile logistics provider Ninja Van said it has completed its latest fundraising round that will be used to expand its regional operations, with one source saying the company raised about $85 million.
Ninja Van said in a statement on Tuesday international parcel delivery network DPDgroup invested in the Series C fundraising alongside others, which it did not name. Its existing investors include emerging markets-focused private equity firm Abraaj Group and Facebook co-founder Eduardo Saverin’s B Capital Group.
Last-mile delivery providers are shaping up as a new investment front as companies including Amazon and Alibaba Group ramp up business in emerging markets such as Southeast Asia – home to 640 million people and one of the world’s fastest-growing regions for internet penetration.
“With an established network in Southeast Asia covering six high growth markets, the capital raised will be invested towards further improving technology and operational capabilities,” said Ninja Van, which launched in Singapore in 2014. It declined to comment on the amount of funds raised or its current valuation.
Reuters reported in September that Ninja Van wanted to raise $60 million as it charts an aggressive expansion in key regional markets.
Southeast Asia has many logistical hurdles such as the huge number of islands that make up the Philippines and Indonesia as well as paralysing traffic in cities such as Jakarta. The logistics industry is highly fragmented with a number of local players jostling for market share.
Goldman Sachs and Allen & Overy acted as exclusive financial adviser and legal counsel, respectively, to Ninja Van.