Ninja Van Group has secured a three-year committed US$50 million ($65.4 million) revolving credit facility with HSBC.
The mandate taps HSBC’s new economy fund, which was launched in 2021 for early-stage start-ups in Singapore.
In an announcement released on Oct 16, Ninja Van states that the facility will enable Ninja Van to boost regional growth and develop its e-commerce express logistics, business-to-business (B2B) restocking and cold chain delivery services.
Ninja Van is a tech-enabled logistics organisation founded in 2014 and is backed by investors including GeoPost, Alibaba Group and B Capital Group.
Lai Chang Wen, co-founder and chief executive officer of Ninja Van, notes that “securing this funding from HSBC is a testament to our financial strength and business outlook”.
“With HSBC’s support, we can now expand on Ninja Van Group’s vision of connecting our shippers’ businesses to a world of possibilities,” Lai adds.
See also: Second round of layoffs at Ninja Van in less than three months; 5% of Singapore staff affected
“For new economy and high growth companies such as Ninja Van to thrive, it’s critical that they have the necessary funding to scale. We are pleased to be able to support Ninja Van’s ambition from the get-go,” says HSBC Singapore’s CEO Wong Kee Joo. “We look forward to continuing our support as they further strengthen their position as the leading e-commerce logistics provider in Southeast Asia.”
