Ninja Van raises $578 mln in funding round, adds Alibaba as investor

A Ninja Van delivery van is pictured at their office in Singapore September 7, 2017. REUTERS/Edgar Su/Files

SINGAPORE, Sept 26 (Reuters) – Logistics provider Ninja Van added Alibaba Group as a new investor as it raised $578 million in a late stage funding round, the Singapore-based firm said on Sunday.

Existing investors to participate in the round included Europe’s GeoPost/DPDgroup, B Capital Group and Monk’s Hill Ventures.

The funds will be allocated towards infrastructure and technology systems that “will support a sustainable long-term cost structure,” Ninja Van, launched in 2014, said in a statement.

Reporting by Anshuman Daga; Editing by Clarence Fernandez

Our Standards: The Thomson Reuters Trust Principles.

Read more…