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Vietnam’s Be Group has successfully raised VND739.5 billion ($30 million), provided by VPBank Securities, to accelerate competition with Grab Holdings Ltd.
Be Group plans to use the funds to expand ride-hailing, delivery and digital financial services and enter new markets and segments. Competition in Vietnam’s online ride-hailing and delivery market is fierce. In addition to the leading Grab, there is also the GoTo Group from Indonesia.
Be Group expects to achieve 1 billion rides on the platform by 2026, with total annual revenue exceeding US$200 million. Since its establishment in 2018, Be Group has expanded its business to 40 cities and provinces in Vietnam. The company aims to increase the number of active users to 20 million in 2026 and achieve profitability in fiscal year 2024.
(Source: Bloomberg Image source: freepik)
