Ninja Van, a Singapore-based logistics company, has raised $578 million in a Series E investment to fund the expansion of its operations infrastructure and technological systems.

According to the company's statement, investors include China's Alibaba Group, as well as current backers DPDgroup's GeoPost, Facebook co-founder Eduardo Savering's B Capital Group, Monk's Hill Ventures, and Zamrud, Brunei's sovereign wealth fund.

According to sources, the newest round reached a valuation of more than $1 billion, paving the way for an IPO as early as next year.

Ninja Van plans to use the funds to expand its activities, including micro supply chain solutions to maximise Southeast Asia's e-commerce prospects.

This deal follows its $279 million Series D investment in May 2020, which valued the company at over $750 million.

Ninja Van promises to deliver 2 million parcels every day, with over 1.5 million active shippers and over 100 million recipients.

The company was founded in 2014 and operates throughout Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. It now employs more than 61,000 people.

“We strongly believe in the potential of e-commerce in Southeast Asia, in particular the power of technology-enabled logistics to fuel e-commerce growth. With Ninja Van’s vast presence and extensive local insights in the region, we are confident that our partnership with Ninja Van would enable us to better serve participants in the e-commerce ecosystem across the region,” said Kenny Ho, Head of Investment for Southeast Asia, Alibaba Group.