Be Group aims to challenge Grab’s dominance in Vietnam

Be Group AO, a Vietnamese startup looking to compete with Grab Holding Ltd. across Southeast Asia claimed to have received a loan of at least $60 million.

According to Vu Hoang Yen, chief executive officer of Be Group, “the loan from Deutsche Bank AG includes a clause that will raise the funding to $100 million.”

The Be app is installed on over 20 million mobile devices

The money will be used to develop and enhance the business’s main offerings, which include food delivery, cab booking, and online banking.

Be Group was established in 2018 and now works in 28 provinces and cities. It has expanded into delivery, grocery, insurance, telecom packages, and financial services.

According to Yen, the company has 10 million active users and holds 30% to 40% of the taxi market in Hanoi and 25% to 35% in Ho Chi Minh City. By 2026, it hopes to treble this number.