Alibaba's eWTP Technology and Innovation Fund has made an undisclosed but significant investment in the Vietnamese food chain Homefarm.
|Alibaba's fund pours millions of dollars into Vietnam's food chain |
CEO Tran Van Truong of Homefarm said that a seven-digit investment has been made by ReDefine Capital, a Singapore-registered investment entity controlled by Alibaba's eWTP, according to DealStreetAsia.
The funds will be used to develop and expand Homefarm's chain to reach the target of 1,000 stores by 2025. The company is also applying digital transformation and modern sales methods, in addition to joining e-commerce platforms, CEO Truong added.
Homefarm, which has around 150 stores that sell meat, fish, and groceries imported from several countries including the US, Australia, and South Korea, was established in 2014. As the upper-middle class expands, giving rise to more luxury spending, the market has great room for growth in the coming years, presenting new opportunities for retail chains.
At the same time, eWTP has also poured $10 million into Vietnamese ed-tech firm Educa Corporation and $50 million into retail company Ficus Asia Investment.
eWTP Technology and Innovation Fund was set up in 2018 by Alibaba and Ant Group of Chinese billionaire Jack Ma with $600 million under management. The fund aims to reach potential startups in emerging markets as well as Chinese startups with a focus on emerging markets.