Ninja Van Holding Off on IPO Plans Until Profitability Improves
- Alibaba-backed startup sees adjusted breakeven in 12 months
- Singapore-based company is considering further fundraising
Co-founders of Ninja Van, Shaun Chong, Lai Chang Wen and Boxian Tan.
Photographer: Kevin Lim/SPHOL/AP Photo
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Logistics provider Ninja Van has put plans for a stock market debut on the back burner, the latest sign of tech startups’ struggles with falling valuations across the industry.
The Alibaba Group Holding Ltd.-backed delivery company is focusing on improving its profitability before going ahead with an initial public offering, Chief Executive Officer Lai Chang Wen told reporters in Singapore on Monday. The company expects to reach positive earnings before interest, taxes, depreciation and amortization in 12 months, he said.