Be Group gears up for Grab rivalry with $30.3 million funding boost

Vietnamese tech company Be Group, the operator of the Grab Vietnam competitor Be, has raised $30.3 million from VPBank Securities (VPBankS), a subsidiary of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).

The deal, which was completed this month, gives VPBankS a minority stake in Be Holdings, the parent company of Be. The company will use the funds to expand its presence in Vietnam, with a focus on new services such as payments and financial services.

Be is one of the largest ride-hailing and delivery platforms in Vietnam, with over 18 million users. The company is also expanding into other areas, such as food delivery and e-commerce.

Grab Vietnam is the market leader in Vietnam, with a dominant share of the ride-hailing market. However, Be has been gaining ground in recent months, and the company is now seen as a serious challenger to Grab. The latest funding round is a vote of confidence in Be's potential. The company is well-positioned to take advantage of the growing demand for ride-hailing and delivery services in Vietnam.

With its strong financial backing, Be is well-positioned to expand its presence in Vietnam and challenge Grab for the top spot in the market. Be is also expanding into other areas, such as payments and financial services. The company has partnered with VPBank to launch a mobile payment app called BePay.

Be is a serious challenger to Grab Vietnam. The company is well-funded and has a strong team. Be is also well-positioned to take advantage of the growing demand for ride-hailing and delivery services in Vietnam.

About Be Group

Be Group is a Vietnamese technology company that operates the Be ride-hailing and delivery platform. The company is headquartered in Ho Chi Minh City, Vietnam.

Be was founded in 2018 by Nguyen Huu Th. The company has raised over $120 million in funding to date. Be is one of the largest ride-hailing and delivery platforms in Vietnam. The company has over 18 million users and over 100,000 drivers.