Ride-hailing Be receives $30M from VPBank Securities

By Vien Thong January 10, 2024 | 06:21 pm PT

A Be driver is seen in a car. Photo courtesy of Be Group

Be Holdings, the owner of ride-hailing company Be Group, has received a VND740 billion ($30.32 million) investment from VPBank Securities.

Be Group did not disclose VPBank Securities’ post-investment full ownership stake in the firm, but announced in a release that the investment would help the company expand and offer new services towards its stated goal of serving 20 million users across Vietnam in the near future.

The group, which now offers ride-hailing, delivery, and payment services, aims to accumulate positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2024 financial year.

VPBank Securities said that it expects the deal to be beneficial thanks to the growth potential of Be Group, which analysts say could "become a tech unicorn in Vietnam."

A unicorn is a startup with a valuation of $1 billion or higher.

Be Group launched its platform in Vietnam five years ago, and completed 120 million ride-hailing trips last year. It has over 300,000 driver partners in 40 localities across the nation.

The company claims to hold a 35% market share in the ride-hailing sector.