Be Group, the Vietnamese startup behind the multi-service consumer platform ‘Be’, has secured VND 739.5 billion (US$30.3 million) funding from VPBank Securities Joint Stock Company (VPBankS), a subsidiary of VPBank.
The fresh capital injection will enable Be Group to accelerate its expansion, particularly in the realms of ride-hailing, delivery, and digital finance services.
With plans to explore new markets and services within the consumer and transportation sectors, Be Group aims to serve 20 million users in collaboration with strategic partners.
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The company has set an ambitious target to achieve EBITDA-positive status in the 2024 financial year.
Upon completion of the deal, VPBankS will acquire shares in Be Holdings, the parent company of Be Group, becoming its first institutional investor.
The investment comes as a follow-up to a prior financial arrangement with Deutsche Bank Singapore in 2022.
A representative from VPBankS said: “By officially becoming a shareholder of Be, VPBankS anticipates that this deal will bring great investment return by riding on the potential presented by the multi-service consumer platform Be, which is one of the frontrunners to become one of Vietnam’s technology unicorns.”
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Started around five years ago, Be Group has worked with over 300,000 drivers. In 2023 alone, the company facilitated over 120 million rides, maintaining a dominant 35 per cent market share in the ride-hailing sector across 40 cities and provinces in Vietnam.
The platform currently offers more than 15 services, including multimodal transportation, express delivery, food delivery, insurance, and telecommunications.
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