Aditya Hadi Pratama · · 1 min readTemasek unit joins $350m funding of VN retail platform
The CrownX, a retail platform of Vietnamese consumer group Masan Group, has raised a US$350 million investment from TPG, a private equity firm; Platinum Orchid, a unit of Abu Dhabi Investment Authority; and SeaTown Master Fund, which is owned by an indirect subsidiary of Temasek Holdings.
Photo credit: Affinidi
The group says this is the final fundraise of The CrownX, which brings the platform’s valuation to US$8.2 billion, according to a statement. The company has raised a total of US$1.5 billion in investments since the first half of 2020.
After the transaction, which is still pending regulatory approvals, 81.4% of The CrownX’s shares will be owned by Masan Group.
The CrownX established a mini-mall concept in Vietnam that integrates online and offline commerce. In a statement, the company said that it plans to develop fintech solutions, including a buy now, pay later offering.
The retail firm will use the fresh funds to invest in growth initiatives and conduct a share buyback. The company has also revealed that it plans to hold an international IPO in 2023 or 2024.
In May, Masan Group announced that The CrownX secured US$400 million in a round led by Alibaba Group and Baring Private Equity Asia.
See also: Why Alibaba is betting on Vietnam to reclaim Southeast Asian ecommerce
Editing by Miguel Cordon and Lorenzo Kyle Subido
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