Vietnamese technology firm Be Group, known for its multiservice consumer platform Be, has successfully raised 739.5 billion dong ($30.3 million) from VPBank Securities (VPBankS), a subsidiary of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Completed this month, the deal grants VPBankS a minority stake in Be Holdings, Be Group’s parent company, marking VPBankS as Be Group’s first institutional investor.
Be Group, a competitor to the super app Grab, offers over 15 services across transportation, delivery, and fintech sectors.
The company boasts partnerships with over 300,000 drivers and has facilitated more than 120 million rides in 2023. This strategic investment will enable Be Group, which aims to achieve EBITDA positivity in the 2024 financial year, to leverage VPBankS’ expertise in corporate management and gain access to the capital market.
Be Group’s other notable investor is Green and Smart Mobility (GSM), a taxi services company focusing on electric vehicles, founded by Vingroup’s Pham Nhat Vuong.
A recent agreement in March 2023 integrated GSM’s electric vehicle taxi service into the Be platform, allowing customers to book both GSM and Be Group’s beCar and beTaxi services. This partnership underscores Be Group’s commitment to expanding its service offerings and enhancing its presence in the Vietnamese market.