PRICE wars and the grip of J&T Express and Shopee’s SPX are pushing the region’s third-party logistics (3PL) players to the sidelines. Ninja Van is no exception.
Earlier this month, the Singapore-headquartered company announced that it would cease all express delivery services in Vietnam, including B2C and B2B operations.
After laying off 12 per cent of its employees in the city-state in August, Ninja Van is reportedly in talks to raise US$80 million. The funding round, which will be led by existing investors B Capital and Monk’s Hill Ventures, is expected to halve the firm’s valuation to about US$1 billion.
