Temasek 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