Strategic Pause: Southeast Asia’s Logistics Giant Is Focusing on Financial Health Before Going Public
Logistics powerhouse Ninja Van has officially put its plans for an initial public offering (IPO) on hold, signaling a clear shift in strategy: profitability now takes precedence over lofty valuation. This decision underscores deep-seated caution amid a volatile tech startup landscape.
In March 2024, CEO Lai Chang Wen confirmed at a press event in Singapore that Ninja Van has deferred its IPO launch to instead hone in on strengthening its financial foundation. The company is aiming to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) within 12 months before revisiting the IPO route The Edge Singaporei3investor.
Lai acknowledged the prevailing market reality: “That in itself is not a strong IPO story,” pointing out that only showcasing growth without profitability doesn’t instill investor confidence. “We need to be a viable profit machine,” he emphasized i3investorThe Edge Singapore.
Previously buoyed by a successful Series E funding round in 2021, which raised US$578 million and pushed its valuation beyond the US$1 billion mark, Ninja Van now recognizes that sustaining and defending that valuation isn’t feasible under current conditions The Edge Singaporei3investor.
As part of its recalibrated focus, Ninja Van is pivoting from its low-margin e-commerce delivery business toward more lucrative segments such as business-to-business (B2B) logistics. This strategic reallocation aligns with management’s belief that these segments offer more stable and sustainable profit potential amidst fierce industry competition i3investorilending.my.
Cost-cutting measures have followed. In April 2024, the company laid off 21 employees—around 10% of its regional tech team and 20% locally—to streamline operations and bolster long-term sustainability The Edge Singapore.
This internal consolidation is paired with sustained capital backing and projected runway from prior fundraising. Still, management remains open to additional capital injections, even if it means accepting a lower valuation. As Lai stated: “We shouldn’t be too fussed about valuation… the future must not only look good, it must also look defensible” i3investorilending.my.
Key Takeaways
- IPO delayed—Ninja Van is pausing its stock market debut until it can demonstrate strong EBITDA performance.
- Profitability over hype—management is shifting focus toward financial stability rather than speculative high valuation.
- Strategic pivot—moving away from low-margin e-commerce volumes; leaning into higher-value B2B logistics.
- Operational optimization—selective layoffs and cost controls are in place to reinforce long-term viability.
- Valuation realistic—willing to accept a more modest valuation if it secures a stronger and more defensible business model.
By homeowners pivoting from aggressive expansion to measured profitability, Ninja Van exemplifies a growing trend among Southeast Asian startups: delivering results—not just growth stories—when courting public markets.
