- Vietnamese ride-hailing upstart Be Group raised $30M, fueling its bid to challenge Grab’s dominance.
- VPBank provided the capital for Be Group to expand offerings beyond rides.
- Despite rapid scaling, Be Group remains an underdog, aiming for 1B rides by 2026.
Funding injection for Be Group
Ho Chi Minh-based on-demand transportation startup Be Group secured a $30 million funding injection this week, fueling its bid to take market share from regional ride-hailing giant Grab in Vietnam.
Local financial firm VPBank provided the 739.5 billion dong (US$30 million) capital boost. Be Group plans to utilize the funds for expanding services like food delivery and digital payments alongside its core ride-hailing offering.
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Ambitious targets
Be Group’s fresh funding comes as competition intensifies in Vietnam’s ride-hailing space between Grab, Indonesia’s Gojek, and homegrown contenders. The company has rapidly scaled to 40 cities since launching in 2018 but remains a marked underdog versus Grab’s dominance.
Be Group aims to hit 1 billion rides by 2026, a nearly 10x jump over 2022 while pushing toward profitability by 2024. The upstart is betting on heightened smartphone adoption and urbanization trends to drive demand for on-demand transportation and unlock growth opportunities against entrenched rivals.
