VPBank’s Subsidiary Invests US$30 Million in Vietnam’s Be Group
by Fintech News Vietnam January 10, 2024Be Group, a Vietnamese ride-hailing company and competitor of Grab superapp, has secured 739.5 billion dong (approximately US$30 million) from VPBank Securities, a subsidiary of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Through this investment, VPBank Securities will be a stakeholder in Be Group‘s parent company once the transaction is finalised, as reported by Bloomberg.
With the new investment, Be Group plans to grow its services in rides, deliveries, and digital finance. The company also aims to enter new consumer and transportation segments.
By 2026, Be Group has set its sight on achieving one billion rides on its platform, a major step up from the 120 million rides recorded last year. Be Group also intends to more than double its active user base to 20 million by then.
The company also targets an annual gross revenue exceeding US$200 million by the same year. Established in 2018, Be Group is present in 40 cities and provinces in Vietnam.
