Ninja Van, a prominent Southeast Asian logistics provider, saw its revenue shrink by 3% to US$702 million in FY2025, marking the second straight year of decline.
Intense price wars among regional players have squeezed margins, forcing the company to narrow losses by 31% through aggressive cost controls.
From E-commerce Darling to Profitability Push
Founded in 2014 in Singapore, Ninja Van capitalized on the e-commerce boom, expanding to markets like Indonesia, Malaysia, Philippines, Thailand, and Vietnam.
With backing from investors including Alibaba, it became a unicorn valued over US$1 billion at its peak, pioneering tech-enabled last-mile deliveries.
However, post-pandemic normalization hit hard as e-commerce giants like Shopee and Lazada developed in-house logistics arms, eroding third-party providers' volumes.
Strategic Retreats and Bold Bets
In response, Ninja Van is exiting express delivery in Vietnam and cutting 12% of its Singapore staff amid a potential US$80 million funding round at a slashed valuation.
The firm is pivoting toward B2B logistics and cold chain services, targeting stable sectors like pharmaceuticals and groceries less tied to volatile e-commerce trends.
This shift reflects a broader industry maturation, where unsustainable growth-at-all-costs gives way to efficiency in a crowded market.
For everyday consumers, thinning competition could mean higher delivery fees and slower options, especially in underserved areas.
Analysts note that success in B2B could position Ninja Van for recovery, leveraging its tech infrastructure amid rising demand for specialized supply chains.
Yet, ongoing consolidation risks job losses for gig workers, underscoring the human cost of logistics evolution.
Looking ahead, Ninja Van targets profitability by mid-2026, signaling hope amid the reality check shaking Southeast Asia's delivery sector.
Maria Lourdes
