Be secures $30 million investment from VPBank Securities

January 10, 2024 | 14:14

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On January 10, Be Group, owner and operator of the multiservice consumer platform Be, announced a substantial investment from VPBank Securities JSC (VPBankS), a subsidiary of VPBank.

Be secures $30 million investment from VPBank Securities

On completion of the deal, VPBankS will own shares of Be Holdings, the parent company of Be Group, with a total investment value of VND739.5 billion ($31.2 million).

This investment will fortify Be Group’s financial capabilities and propel its continued robust development, supporting its goal of becoming the leading multiservice consumer platform in Vietnam.

The investment from a major financial institution like VPBankS reaffirms Be Group’s growth potential and provides additional resources in terms of corporate management and access to the capital market. Once the deal is completed, VPBankS will hold a minority stake and be the first institutional investor in Be Group’s parent company.

Armed with this infusion of capital, Be Group will accelerate its expansion and comprehensively elevate its ride-hailing, delivery, and digital finance services. The company is set to continue exploring new markets and services within the consumer and transportation sectors.

This aligns with the company’s vision to service 20 million users in close collaboration with its strategic partners. Be Group has also set its sights on being earnings before interest, taxes, depreciation, and amortisation-positive in the 2024 financial year.

A representative from VPBankS stated, "By becoming a shareholder of Be, VPBankS anticipates that this deal will bring great investment return by riding on the potential presented by the multiservice consumer platform, which is one of the frontrunners to become one of Vietnam's technology unicorns."

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By Thanh Van

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