Grab rival Be Group secures $30M to accelerate expansion

Vietnam's Be Group recently secured a substantial investment of 739.5 billion dong ($30M). The funding round, led by local entity VPBank Securities, will aid in Be Group's expansion as it competes with rival, Grab in areas such as ride-hailing and deliveries.

• Funding Details: VPBank Securities will receive shares in Be Group's parent company, following the closing of the round. The ride-hailing and delivery sectors in Vietnam are witnessing increased competition, driven by rising smartphone usage that stimulates demand for these services.

• Competitors in the Market: Be Group is not only competing with Grab, the market leader in Vietnam but also with Indonesia's GoTo Group which entered the Vietnamese market a few years ago.

• Allocated for Expansion: The new funding will be utilized to extend Be Group's ride, delivery, and digital financial services. They also plan to enter new markets and consumer and transportation sectors.

• Future Goals: Be Group aims to achieve a staggering 1 billion rides on its platform by 2026, a substantial increase from 120 million rides in the previous year. They also expect to exceed $200M in annual gross revenue in the same period.

Since its inception in 2018, Be Group has extended its reach to 40 cities and provinces across Vietnam.