(Bloomberg) — Ninja Van, a Singaporean logistics startup, is set to raise about $580 million from investors including Chinese e-commerce giant Alibaba Group Holding Ltd., according to people familiar with the matter.
Some of Ninja Van’s existing investors will also participate in the series E round, the people said, asking not to be identified because the matter is private. Those include B Capital Group, the venture capital firm set up by Facebook Inc. co-founder Eduardo Saverin and Raj Ganguly, a former executive at Bain Capital, and European parcel delivery company Geopost/DPDgroup, the people said.
The new funding round will help lift the company’s valuation to well beyond $1 billion ahead of a potential initial public offering as early as next year, the people said.
Venture capital firm Monk’s Hill Ventures and Zamrud, an existing investor linked to a Southeast Asian sovereign wealth fund, are also participating in the round, the people said. Ninja Van plans to use the funds to better its infrastructure and technology, as it seeks to be cost efficient while improving the quality of its operations.
Representatives for Alibaba, B Capital, Geopost, Monk’s Hill Ventures couldn’t immediately be reached for comment by phone or email outside of normal business hours. A Ninja Van representative couldn’t immediately comment.
Investors are betting on transportation, logistics and warehouse companies amid a boom in e-commerce, one of the beneficiaries of the coronavirus pandemic.
Founded in 2014, Ninja Van operates in six markets in Southeast Asia and delivers close to 2 million parcels a day in the region, according to its website. It raised $279 million in a series D round last year where participants included ride-hailing firm Grab Holdings Inc.
Ninja Van’s clients include PT Tokopedia, which has merged with ride-hailing giant Gojek to create GoTo, Indonesia’s most valuable startup, Alibaba’s Lazada Group and Shopee, a unit of Singapore-based Sea Ltd. The logistics startup also works with global consumer groups such as Unilever Plc and with smaller shops.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
