Daily Brief Singapore: Ninja Van and more

Executive Summary

• Strategic Pivot to Enterprise Logistics: Ninja Van is restructuring its Southeast Asian operations to transition away from commoditised e-commerce parcel delivery towards higher-margin business-to-business and cold chain services. Following a withdrawal from the Vietnamese express market, the company is scaling specialised offerings such as temperature-controlled transit and less-than-truckload freight to capture more defensible revenue streams.
• Improved Operational Cost Efficiency: Recent cloud infrastructure migrations have improved peak delivery efficiency by 40%, while targeted workforce reductions and exits from unprofitable volume have lowered operating costs. This disciplined focus on margin preservation over top-line expansion enabled the company to narrow its pre-tax losses by nearly a third in FY2025 to US$102.0m, despite revenue contracting to US$702.0m.
• Platform Captive Fleet Competition: The expansion of in-house delivery networks by major e-commerce platforms continues to capture market share and compress third-party logistics margins. Together with a tighter funding environment, this loss of pricing power contributed to an internal funding round that cut its valuation by half to about US$1.0b and necessitates ongoing operational downsizing.