Alibaba invests US$200m in Ninja Van; GeoPost remains largest shareholder

EUROPEAN courier service GeoPost has raised its stake in Singapore's Ninja Van to 40 per cent, remaining as the startup's largest shareholder, while Alibaba has poured US$200 million into the startup, regulatory filings seen by The Business Times indicate.

On Sunday, Ninja Van announced that it raised US$578 million from new investor Alibaba, as well as existing backers GeoPost; venture capital firms B Capital Group and Monk's Hill Ventures; and Zamrud, which is linked to Brunei's sovereign wealth fund.

Ninja Van did not provide a breakdown of investors' individual contributions nor its latest valuation. But back-of-the-envelope calculations by BT suggest its latest valuation stands at about US$1.85 billion, more than double from last year. The startup declined to confirm this.