Business
Ninja Van slashes 12% of Singapore staff in latest round of layoffs
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The company explained the job cuts as part of a restructuring strategy to boost future growth.
Logistics provider Ninja Van has laid off around 12% of its employees in Singapore in its latest round of job cuts since 2024.
A Ninja Van spokesperson told the media on Wednesday that the Singapore job cuts were “not made lightly” and are part of a long-term effort to strengthen its business model and ensure sustainable growth.
"Unfortunately, despite our efforts to minimise impact, we were unable to avoid layoffs and this has impacted an estimated 12% of our colleagues in Singapore," the spokesperson said.
Ninja van said it is undergoing a “strategic restructuring” of its teams, including conducting reviews of roles across its organization to evaluate their alignment with future business needs.
“By streamlining our headquarters 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 added.
Ninja Van did not disclose the size of its current workforce in Singapore and whether there are more layoffs to come.
Employees impacted by the recent Ninja Van job cuts will receive a severance package, while medical insurance and mental health support will be extended until December 31. The deadline for exercising vested employee stock options will also be extended from 30 days to a year.
The company added that affected employees will receive transition support, including outplacement networking and reference letters, and those with relevant skills will be ‘considered for redeployment into our growth verticals, if applicable.’
The latest round of job cuts follows Ninja Van's layoffs in April and July 2024, affecting both its regional tech team and Singapore-based staff.
Andy Ang, assistant executive secretary of the Supply Chain Employees’ Union (SCEU), said on Tuesday that the union was informed of the Ninja Van layoffs in advance.
Ninja Van is a non-unionised company, but several of the affected members are SCEU members.
“All alternative options have been explored, resulting in some workers being redeployed to other suitable positions within the company,” Ang said, adding that the union has engaged Ninja Van to ensure fair compensation packages for affected workers.
Bloomberg reported on August 11 that Ninja Van is planning to raise $80 million in its next funding round, halving its valuation to around $1 billion. The company previously raised $578 million in a Series E funding round in 2021, boosting its valuation to well above $1 billion and turning Ninja Van into a unicorn.
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