Singapore-based logistics startup Ninja Van, once hailed as one of Southeast Asia’s fastest-growing delivery platforms, is reportedly undergoing a significant valuation reset. In its latest funding round, the company’s valuation has reportedly been cut in half, signaling growing investor caution in the region’s tech and logistics sectors.
From Rapid Growth to Revaluation
Founded in 2014, Ninja Van quickly rose to prominence by capitalizing on Southeast Asia’s booming e-commerce market. Offering last-mile delivery solutions across multiple countries—including Indonesia, Malaysia, the Philippines, Thailand, and Singapore—it built a reputation for operational efficiency and extensive network coverage.
At its peak, Ninja Van was valued at over $2 billion, securing substantial investments from global venture capital firms and private equity. The company’s platform leveraged technology and data analytics to optimize routes and delivery speeds, attracting large e-commerce clients and positioning it as a critical infrastructure player in the region’s digital economy. 
Market Headwinds and Sector Challenges
However, the broader economic environment has turned challenging. Inflationary pressures, rising fuel costs, and slowing consumer spending have squeezed margins across the logistics sector. Additionally, the pandemic-fueled e-commerce boom is normalizing, leading to slower growth rates for delivery companies like Ninja Van.
Investors have also become more selective, focusing on profitability and sustainable business models rather than pure growth. This shift has led to down rounds for several Southeast Asian startups, with Ninja Van’s halved valuation emblematic of this trend.
Details of the Latest Funding Round
Sources close to the matter indicate that Ninja Van’s latest funding round, led by existing investors and some new strategic backers, valued the company at approximately $1 billion—a sharp drop from prior funding rounds. The capital raised is aimed at strengthening operational efficiency, expanding value-added logistics services, and investing in automation technology to cut costs.
Ninja Van’s leadership reportedly sees the down round as a strategic recalibration rather than a setback. The focus is shifting toward achieving profitability and solidifying market share amid intensifying competition from rivals like J&T Express, GrabExpress, and Lalamove.
Implications for Southeast Asia’s Startup Ecosystem
Ninja Van’s valuation cut reflects broader challenges facing Southeast Asia’s tech startups, particularly those in capital-intensive sectors like logistics. The region’s venture capital environment is cooling after years of exuberant investments, with investors demanding clearer paths to profitability.
This correction may bring healthier dynamics in the long term, encouraging startups to build more resilient businesses rather than chasing rapid growth at all costs. However, for companies like Ninja Van, the immediate impact includes increased pressure to demonstrate financial discipline and operational excellence.
Looking Forward
Despite the valuation setback, Ninja Van remains a key player in Southeast Asia’s logistics landscape, serving millions of customers and handling millions of parcels monthly. Its ability to innovate and adapt to evolving market conditions will determine whether it can rebound and regain investor confidence.
The logistics sector itself continues to hold promise, driven by ongoing digitalization and e-commerce penetration. But companies will need to balance growth ambitions with pragmatic management to thrive in a more challenging funding climate.
