The Venture Codex

Led · Equity · Apr 2018

Selina operates a hospitality platform that blends accommodation, coworking, recreation, wellness and local experiences, with each property designed alongside local artists and tastemakers. Launched in 2015 by CEO Rafael Museri, the company is custom-built for nomadic travelers and remote workers. As of the article, Selina operates 46 locations in 13 countries with over 22,000 beds open or under conversion. The brand is targeting rapid growth — aiming for 130,000 beds and over 400 properties by 2023 and planned to open an additional 35 properties in 2019 across multiple countries, with an entrance into Asia by 2020. Selina is based in Casco Antiguo, Panama City, Panama. Financially, the company raised a $100M Series C in the reported round, bringing total funding to date to $225M. Selina builds campus-style boutique lodging that combines hotel rooms, hostel-style dorms, co-working space, and community programming in renovated older properties. The product targets travelers who want a mix of social interaction, flexible price points (from bunk rooms under $30 to private rooms), and a consistent branded experience across locations. The company emphasizes a tech-first approach and uses customer data to shape community-oriented offerings rather than purely individual stays. Selina operates about 22 locations today and repurposes existing real estate to accelerate openings. It staffs properties with hospitality teams typically of 30–40 people, adjusted by market, and plans to expand beyond Central America. Financially, the company recently raised $95 million from Abraaj Group and WeWork founder Adam Neumann.

Participated · Equity · Oct 2017

Founded in 2011, BigBasket operates an inventory-led online grocery model, managing its own dark stores and delivery fleet while selling a broad catalogue that includes extensive private-label offerings. In August 2024 the company fully shifted its strategy to quick commerce, making 10-minute delivery its core value proposition. Tata Digital acquired a controlling stake in May 2021, and the business has cumulatively raised more than US$1 billion from backers such as Mirae Asset, British International Investments and Bessemer Venture Partners. Despite its scale, BigBasket’s consumer-facing arm, Innovative Retail, reported flat revenue of Rs 7,673 crore for FY 2025 while losses widened to Rs 1,850 crore, underscoring the capital-intensive nature of rapid delivery. The new funds will help expand and maintain additional dark stores, a critical infrastructure component for its 10-minute promise. Management also plans to allocate a portion of proceeds to general corporate purposes as it seeks to stabilise unit economics. Overall, BigBasket remains one of India’s most heavily funded grocery platforms but continues to prioritize growth over profitability.

Led · Series B · Apr 2016

Founded in Singapore in 2014 as a last-mile express logistics company, Ninja Van has grown into a tech-enabled regional e-commerce logistics provider. The company connects over 1.5 million active shippers to nearly 100 million recipients across Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines. It employs more than 61,000 staff and delivery personnel and handles around 2 million parcels a day across the region. Ninja Van said it will invest its fresh funds to build infrastructure and its technology platform, including creating micro-supply-chain solutions to help Southeast Asian businesses optimize e-commerce. The company raised $578 million in its latest funding round, making it Singapore’s newest unicorn and marking its largest fundraising since inception. Bloomberg reported the round will lift Ninja Van’s valuation above $1 billion and that the company is preparing for an initial public offering as soon as next year; Ninja Van declined to comment on the valuation. Ninja Van operates an e-commerce parcel delivery network across Singapore, Malaysia, the Philippines, Indonesia, Thailand, and Vietnam. The company claims it delivers more than a million packages and works with major merchants including Shopee, Lazada and Tokopedia. It is a six-year-old, Singapore-based startup. Ninja Van secured an additional $279 million in a Series D, bringing total capital raised to about $400 million to date. An analysis tied to this round suggests a valuation of about $750 million. The company said it will use the fresh capital to push further into the business-to-business sector and to grow its other existing services. Ninja Van is a Singapore-based, technology-enabled last-mile logistics operator that provides delivery solutions to businesses of all sizes. Launched in 2014 by Lai Chang Wen, the company began operations in Singapore offering parcel tracking, real-time updates and alternative pickup points. It has expanded its network across Southeast Asia and now operates parcel delivery networks in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. In January 2018 Ninja Van raised US$87m in a Series C financing. Backers included DPDgroup, ACE Capital and other investors. The company intends to use the funds to improve its technology and operational capabilities. Ninja Van is a Singapore-based last-mile logistics provider offering a plug-and-play, cloud-powered delivery platform for e-commerce companies across Southeast Asia. It operates a primary fleet in each city augmented by a crowdsourced reserve fleet supplied by taxi drivers, the public, and partner startups, and offers its fleet management system to partners in exchange for surge capacity. The company is currently active in Singapore, Malaysia, Indonesia and Vietnam, serving about 3,000 customers (including Lazada and Zalora) and completing roughly 15,000 deliveries per day. Management says the firm is profitable in some large cities. With $30 million in new Series B funding, Ninja Van plans to expand into Thailand and the Philippines before August and to push beyond tier-one cities into tier-two and tier-three locations. The financing will also support development of specialized services—cash-on-delivery, deliveries to out-of-reach places, and economically-priced options—to help broader e-commerce growth across the region. The company views Abraaj's regional network as a strategic asset to help open partnerships and markets.

Led · Series C · Nov 2015

Careem Technologies is the super app business spun out from Careem to operate food delivery, bike rentals, financial services, third-party services like cleaning and other verticals in a single platform. The Super App is available in 10 countries and combines Careem’s products such as food delivery, bike rentals and payments. Following the transaction, Careem was split into Careem Rides (focused on core ride-hailing) and Careem Technologies (the Super App); Careem Technologies will have about 1,400 employees and be led by co‑founder and CEO Mudassir Sheikha. Careem Rides will be fully owned by Uber, staffed by roughly 260 people, and led by Ashish Labroo reporting into Uber’s Rides leadership. The company plans to use the $400 million investment to scale the Super App and build category‑leading verticals in its key markets. Careem was founded in 2012 and was acquired by Uber in 2019 for $3.1 billion. Careem is a ride-hailing company founded in 2012 that operates an internet platform for transport and related services across the greater Middle East. The company serves 30 million users and is present in 120+ cities across Morocco, Oman, Pakistan, Palestine, Qatar, Turkey, UAE, Bahrain, Egypt, Iraq, Jordan, KSA, Lebanon, and Kuwait. Co-founded by Mudassir Sheikha and Magnus Olsson and later joined by Abdulla Elyas, Careem has expanded its product set to include mass-transport services and deliveries. In February 2018 the company acquired Dubai-based RoundMenu to expand its delivery services, and in October 2018 it launched a mass transportation service in Egypt. Careem intends to use newly raised funds to accelerate expansion of its internet platform across the region, including growth of mass transportation, deliveries, and payments. Careem operates a ride‑hailing platform across 80 cities in 13 MENA countries, claiming over 12 million registered customers and more than 250,000 drivers. The company started about five years ago and is headquartered in Dubai. Careem has raised just shy of $570 million to date, including a $500 million financing that valued the company at $1.2 billion. Its backers include Daimler, Rakuten and Saudi Telecom Company (STC). Management says partnerships such as the one with Didi Chuxing will bring AI capabilities and expertise to support continued growth, innovation and sustainability. Careem has also made strategic investments itself, for example into Egypt‑based Swvl. Careem operates a ride‑hailing platform across 80 cities in 13 countries in the Middle East, serving about 10 million registered users and roughly 250,000 drivers. Its core product is app‑based ride booking with tailored payments solutions — including a virtual in‑app wallet and local cash-collection networks — to address low card penetration in its markets. The company reports revenues and trip volumes growing 20–25% month on month. Careem has focused on expanding supply in under‑served cities and plans strategic partnerships to access next‑generation vehicle technology rather than develop costly autonomous systems in‑house. The business recently completed a large equity raise that materially increased its valuation to over $1 billion (sources cite ≈$1.2B). Prior to this round Careem had raised about $72 million in earlier funding. Careem is an app-based car service that allows users to order chauffeur-driven cars via mobile apps, the website, or by calling a call center. Founded in 2012 by Magnus Olsson, Mudassir Sheikha and Dr. Abdulla Elyas, the company is based in Dubai, UAE. It operates in 20 cities across the Middle East and North Africa, including Abu Dhabi, Amman, Beirut, Cairo, Casablanca, Karachi, Kuwait and others. Careem secured $60M in a Series C financing led by The Abraaj Group. Participants in the round included Al Tayyar, STC Ventures, Beco Capital, Impulse (a subsidiary of the Kuwait Investment Authority), Lumia Capital and Wamda Capital. The company intends to use the proceeds to accelerate market expansion and drive innovation across its core markets in MENA, Pakistan and the wider region.