Miguel Cordon · · 1 min readGrab Vietnam competitor Be Group bolsters war chest with $30.3m round
Photo credit: Be Group
Be Group, the Vietnamese tech company behind multiservice consumer platform Be, has raised 739.5 billion dong (US$30.3 million) from VPBank Securities (VPBankS), a subsidiary of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
The deal, which was completed this month, gives VPBankS a minority stake in Be Holdings, the parent company of Be Group. VPBankS also becomes Be Group’s first institutional investor via this move.
A competitor of super app Grab, the Be platform provides more than 15 services, including those in the transportation, delivery, and fintech spaces. The company has partnered with over 300,000 drivers and facilitated over 120 million rides in 2023.
The investment also allows Be, which aims to be EBITDA positive in the 2024 financial year – to use VPBankS’ expertise in corporate management and access to the capital market.
Another notable investor in Be Group is Green and Smart Mobility (GSM), the taxi services firm from Vingroup founder Pham Nhat Vuong that focuses on electric vehicles. As part of the March 2023 deal, customers can book either GSM’s EV taxi service or beCar and beTaxi on the Be platform.
Currency converted from Vietnamese dong to US dollar: US$1 = 24,378.35 dong.
See also: Most VinFast car sales this year went to its founder’s taxi firm
Editing by Putra Muskita and Eileen C. Ang
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