Business Times: Ninja Van Plans to Go Public Next Year
Lai Chang Wen, CEO of logistics company Ninja Van, shared his ambitions about pursuing an initial public offering (IPO) as early as next year. The company’s current focus is on maintaining a sustainable growth rate to be well positioned to “take advantage of the financial opportunities at a suitable time in the future,” said a Ninja Van spokesperson.
Ninja Van was founded in 2014 and is headquartered in Singapore. It operates in the Southeast Asian region in markets such as Malaysia, the Philippines, Indonesia, Thailand and Vietnam.
There is news claiming the Ninja Van has passed a $1 billion valuation after the company’s US$279 million funding round last year. However, VentureCap Insights assessed Ninja Van at a $779.8 million valuation.
Ninja Van, like other logistics companies, benefited from the pandemic-fuelled online shopping boom which saw the demand for online shopping growing significantly. The company reported that it is almost breaking-even, and is targeting profitability next year.
Ninja Van faces stiff competition with e-commerce companies such as Shopee and Lazada investing into building their own logistics services. Nonetheless, Ninja Van CEO Lai still holds positive views of the company’s advantages in the field.
Lai shares, “There will be different types of deliveries or services that they may not want to take on with their in-house fleet or cannot provide, which Ninja Van may be able to offer.”
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