What we learned from Ninja Van’s FYE2019 financials

More: Grab raises its prices and a startup (sort of) bought a bank [Read from your browser]( Daily Newsletter Hello {NAME} “A Ninja will attempt to deliver your parcel. Provide code 434 when contacted by the driver.” Singapore-based logistic startup Ninja Van has one of the most adorable automated delivery messages in my opinion. Although none of the drivers have ever asked me for the code, much to my disappointment, receiving that notification from Ninjavan just makes me feel like I’m in a spy movie. But while its messages and even its mascot make the business’ operations look like it's all fun and games, Ninja Van is actually doing some serious work: The company’s revenue grew by over 3x in its latest regulatory filings. Today we look at: - Ninja Van’s [profits and losses in FYE 2019]( - A Bangladeshi startup banking money to pursue its super-app dreams - Other newsy highlights such as Grab raising its fare and a startup that (sort of) bought a bank -- Betty  ---------------------------------------------------------------  PREMIUM SUMMARY  Ninja Van’s revenue skyrocketed to US$151.7 million in FYE 2019 It wasn’t too long ago - in 2015, to be exact - that Ninja Van was delivering only 5,000 parcels each day. But by the end of 2019, the Singapore-based logistic startup is processing an average of a million packages daily. This growth has catapulted its revenue. However, its losses have also more than doubled. - What’s fueling the growth: The company started charging its clients, which include Southeast Asian ecommerce players Shopee, Lazada, and Tokopedia, delivery service fees and handling fees. Both of these revenue sources grew by over 3x in FYE 2019. - The wheely great markets: Ninja Van operates in six Southeast Asian countries but its biggest market by far is the Philippines, followed by Indonesia and Singapore. - Main loss drivers: The company has been posting a loss before taxes in recent years, however. One of the key drivers of this is the 3x rise in admin expenses, which cover employee salaries and benefits. This could be due to Ninja Van’s reliance on full-time delivery personnel while its competitors Lalamove and GoGoVan do the opposite by hiring freelance workers. Read more: [Ninja Van sees 3x rise in revenue in FYE 2019, but a tough fight lies ahead](  ---------------------------------------------------------------  STARTUP SPOTLIGHT This Bangladeshi startup banks money to become a super app Last year, we reported that Bangladeshi internet startup Data Bird is aiming to become the [Tencent of its country](. Recently, the company [raised US$3 million]( to help make that dream a reality. - Backstory: Data Bird runs online travel platform ShareTrip and communications app Ridmik Keyboard, and is looking to turn the latter into a super app. - Achievements: According to the firm, ShareTrip is currently Bangladesh’s largest online travel agent with a market share of over 50%, while Ridmik Keyboard stands as the country’s most used app with over 25 million monthly active users as of March this year. - Future plans: Data Bird said it will invest the new funds in its fintech and digital advertising efforts. In our previous report, the startup had plans to launch a virtual currency that users can collect with every word they type on the Ridmik Keyboard, which can then be used to top up mobile bundles, for instance.  ---------------------------------------------------------------  QUICK BYTES  1️⃣ Let it ride Southeast Asian super app Grab will be [increasing its current base fare]( of S$2.50 (US$1.88) by S$1 (US$0.75) for its ride-hailing services starting on June 1. The increase in base fare is Grab’s first since 2017.  2️⃣ A startup (sort of) buys a bank Indonesia-based fintech startup FinAccel has [bought a 24% stake]( in the publicly listed Bank Bisnis Indonesia. The parent company of buy now, pay later (BNPL) service Kredivo paid around US$38 million to become the bank’s second largest shareholder.  3️⃣ A new unicorn in India - for the nth time this year India is on a roll, gaining yet another new unicorn. This time it’s Zeta, a startup that helps banks and fintech firms launch products, which [raised US$250 million](. Led by SoftBank’s Vision Fund 2, its latest series C round gave Zeta a valuation of US$1.45 billion.  4️⃣ Indonesian crypto exchange banks money Pintu, an Indonesia-based cryptocurrency marketplace, has [raised US$6 million]( from investors that include Pantera Capital, a US-based VC that focuses on blockchain startups; Blockchain Ventures; and US-based cryptocurrency exchange Coinbase. Fun fact: The startup’s founder had previously developed a stablecoin called Rupiah Token.  5️⃣ Another hit app by TikTok owner ByteDance, the parent company of popular short-video app TikTok, has [created a video editor app]( called CapCut, which currently has over 250 million installs across Android and iOS stores. The app allows users to add myriad filters, effects, and music to their videos.  6️⃣ South Korean edtech gets funding Edtech firm Riiid has [secured US$175 million]( from SoftBank’s Vision Fund 2. Established in 2014, the startup provides personalized learning solutions for K-12 and postsecondary education as well as corporate training.  ---------------------------------------------------------------  EVENTS HAPPENING - Tech in Asia Pitch Night on 22 June After four grueling weeks, six rising startup founders have been shortlisted to make their pitches and impress a panel of judges on the upcoming Tech in Asia Pitch Night. Don’t miss this showdown if you’re an early-stage startup founder, a seed/angel investor, or an aspiring entrepreneur because not only will you get to watch how other founders have mastered the art of pitching, you can also capture emerging startup trends and meet prospective investors or future portfolio startups. [So grab your virtual seat for free today]( - ASEAN Fintech Forum on July 6 Want to find out how you can build and scale successful fintech businesses in ASEAN? We got you. We've brought together fintech thought leaders and technical experts from the region to discuss some of the most pressing and important topics in the sector, including the hottest fintech movements, regulatory trends and compliance, AI/ML in fintech, blockchain, and more. Seats are limited, so [grab your ticket]( for free today!   ---------------------------------------------------------------  WHO'S HIRING - [Junior Account / Marketing Executive (Fresh grad or intern may apply)]( at AiChat (Singapore, Singapore) - [Social Media Officer Internship]( at rebahasik (Jakarta, Indonesia) - [Software Engineer FullStack (Bizzy Digital)]( at Warung Pintar (Tangerang, Indonesia)  ---------------------------------------------------------------  SHARE WITH YOUR FRIEND If you're feeling generous today, help us share this newsletter with your friends and coworkers so that they can keep up with what’s going on in the region’s tech scene. Feel free to [drop us some feedback]( if our newsletter today got you feeling smarter (or if it didn’t).  ---------------------------------------------------------------  Thanks for reading! Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi (or tea). [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Was this forwarded to you? You can read this everyday when you sign up [here](. Don't want to receive these emails anymore? [Unsubscribe](.  ---------------------------------------------------------------  Today’s edition was written by Betty Chum, with contributions from Collin Furtado and Miguel Cordon. It’s edited by September Grace Mahino Copyright © 2021 Tech in Asia, All rights reserved. 51 Bras Basah Rd, #05-5061, Singapore 189554