NINJA VAN

Lai Chang Wen was working at a Singapore-based e-commerce startup and experienced firsthand how terrible last-mile delivery was in Southeast Asia. Addresses were informal, delivery windows were unreliable, and failed deliveries were the norm.

In 2014, he co-founded Ninja Van with Tan Boxian and Shaun Chong to build a technology-first logistics company designed specifically for Southeast Asia's unique challenges. The company started in Singapore, then expanded to Malaysia, Indonesia, Philippines, Thailand, and Vietnam.

Per-parcel delivery fees. Ninja Van charges merchants and e-commerce platforms per package delivered.

Revenue scales directly with e-commerce volume across Southeast Asia. The company also offers warehousing, fulfillment, and cross-border logistics services for additional fees.

Ninja Van Last-Mile Delivery (same-day and next-day). Ninja Van Fulfillment (warehousing and pick-pack-ship).

Ninja Van Cross-Border (international shipping). Ninja Van Returns (reverse logistics).

Real-time tracking and route optimization.

Riding the e-commerce explosion in Southeast Asia. As Shopee, Lazada, and TikTok Shop grew explosively, they needed logistics partners who could actually deliver in the region.

Ninja Van became the preferred partner by building technology that handled the unique challenges of Southeast Asian addresses and infrastructure. The company also built a network of physical hubs and sorting centers across six countries.

Profitability. Logistics in Southeast Asia is a low-margin, capital-intensive business.

Ninja Van has burned through nearly $1 billion building its network and technology. Competition from J&T Express, Flash Express, and the in-house logistics arms of Shopee and Lazada puts constant pressure on pricing.

Backed by GeoPost (La Poste Group), Alibaba, B Capital Group, and Monk's Hill Ventures. GeoPost's investment provided strategic access to global logistics expertise.

The company raised $578 million in a 2021 round at a $2 billion+ valuation.