VPBank Securities poured nearly 740 billion VND into Be

Be Holdings, owner of Be Group, has just received an equity investment worth nearly VND740 billion from VPBank Securities (VPBankS).

VPBankS - a member of Vietnam Prosperity Bank (VPBank) - is currently the first institutional investor to participate in Be Holdings, but only holds a minority stake (the specific ratio is not disclosed). Be said it will use the additional capital to continue expanding and upgrading services as well as opening new markets and services in the consumer and transportation sectors.

The company said VPBankS' participation will affirm Be Group's growth potential, as well as provide additional support resources in governance, access to capital and finance.

Be Group is a Vietnamese technology company, developed from a ride-hailing application into a consumer platform providing 15 services: from multi-modal transportation (cars, taxis, electric taxis, motorbikes, coaches, buses, airline tickets) to delivery, food delivery, insurance, and telecommunications.

After five years of operation, the app claims to have more than 300,000 drivers, operating in 40 cities and provinces, and accounting for 35% of the ride-hailing market share. In 2023 alone, Be will operate 120 million trips. The company aims to make a pre-tax profit in fiscal year 2024.

In 2022, Be received a loan with a limit of up to 100 million USD from Deutsche Bank Singapore.

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