VinaCapital Ventures picks up stake in ex-Grab exec’s firm

VinaCapital Ventures, the technology investment arm of Vietnam-based asset management firm VinaCapital Group, has acquired a stake in Dutycast, the creator of a browser or app extension tool that eases cross-border ecommerce for shoppers. The financial details of the transaction were not disclosed.

Photo credit: VinaCapital Ventures

In some countries, cross-border shopping may involve complications around foreign exchange rates, customs duties, local taxes, as well as shipping and other logistics fees, making purchasing expensive for consumers.

Founded in 2020, Dutycast aims to tackle these issues by providing users with a secure and transparent platform where they can shop from multiple stores in different countries and pay in their local currency through “trusted” payment methods – all without worrying about foreign exchange fluctuations.

Dutycast says the new funding will be used to bulk up its operations in Vietnam and to test their product in selected markets in Southeast Asia and European Union.

The startup was established by Thomas Dang, a former business development manager at super app Grab, along with Hoa Nguyen, Son Doan, and Dat Tran.

“Ecommerce in Vietnam is rapidly growing, especially as a result of the pandemic. Anyone living here or in other countries knows how difficult and sometimes frustrating it can be to order from online retailers based overseas,” said Hoang Duc Trung, partner at VinaCapital Ventures.

See also: Why Alibaba is betting on Vietnam to reclaim Southeast Asian ecommerce

In 2020, ecommerce in Vietnam was valued at nearly US$12 billion or around 5.5% of retail sales in the country, according to a report from Ministry of Industry and Trade’s E-commerce and Digital Economy Department. The market is also set to grow at an annual rate of 30% between 2021 and 2025.

VinaCapital manages about US$3.7 billion in assets under management, along with several open-ended funds for international and domestic markets. Meanwhile, VinaCapital Ventures has invested in 11 companies, including An Vui, Homebase, UrBox, and Validus.