A company spokesperson said Tuesday that the layoffs are part of a strategic effort to bolster the company’s business model, emphasizing that these were not easy decisions, as reported by The Straits Times.
“By streamlining our headquarter functions, we are also aligning resources to support our critical growth areas of tech-enabled business-to-business restock and cold chain, while ensuring seamless operations across all services,” the spokesperson said.
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Co-founders of logistics company Ninja Van, Shaun Chong, Lai Chang Wen and Boxian Tan, 5 May 2022. Photo by SPH Media via AFP |
The company did not disclose the current size of its Singapore workforce or whether additional layoffs are planned.
A review of Ninja Van’s website revealed that the company is still hiring for over 10 Singapore-based roles, spanning operations to service delivery.
In April last year, Ninja Van cut 10% of its tech team, and three months later, the company let go of 5% of its Singapore workforce, when it had approximately 450 employees at its Singapore corporate headquarters.
Ninja Van confirmed that impacted employees will receive a severance package, including those with less than two years of service, according to Channel News Asia.
The company has also extended medical insurance and mental health support for affected employees until the end of this year.
Additionally, the deadline for exercising vested employee stock options has been extended from 30 days to one year.
Bloomberg reported that Ninja Van is in discussions to raise US$80 million in a funding round that would value the company at around $1 billion, halving its previous valuation, based on information from sources familiar with the matter.
In 2021, Ninja Van secured US$578 million in a Series E funding round, with investors including Alibaba and B Capital, the venture capital firm founded by Meta Platforms co-founder Eduardo Saverin.
That funding round elevated Ninja Van’s valuation well beyond US$1 billion, earning it unicorn status.
Ninja Van currently operates in Singapore, Malaysia, Indonesia, Vietnam, the Philippines, and Thailand.
