Vietnamese ride-hailing firm Be Group, a rival of market leaders Grab and Gojek, has secured an investment of VND739.5 billion ($30.3 million) from VPBank Securities.
In a Wednesday announcement, VPBank Securities, under private bank VPBank, said the funding makes it a stakeholder in Be Holdings, which owns Be Group. The investment will help Be Group in its post-pandemic development and facilitate work towards becoming a leading multi-service consumer platform in Vietnam, it added.
Be Group will utilize the investment for expanding tis delivery, transportation and financial services, aiming to serve 20 million Vietnamese people and record positive earnings before interest, taxes, depreciation and amortization (EBITDA) in fiscal year 2024.
Since making its debut in 2018, Be has grown to operating with over 300,000 drivers who made 120 million trips in 2023. It provides services in 40 of Vietnam’s 63 provinces and cities, garnering a 35% share in the ride-hailing service market.
In September 2022, Deutsche Bank AG provided Be Group with a loan facility of $60 million to expand its ride-hailing, food delivery and digital banking services. The transaction has a provision that can extend financing to $100 million, Be Group said then.