Vietnamese ride-hailing startup Be raises funding ahead of its launch

15-Dec-2018 Intellasia | E27 | 6:00 AM Print This Post

In the market, Be will be competing with Southeast Asian ride-hailing giants such as Grab and Go-Jek, who is present through Go-Viet

Vietnam-based ride-hailing startup Be has raised a “hundreds of millions of US Dollars” ahead of its launch in December 17.

The investors participating in the funding round are undisclosed, though Be Founder and CEO Tran Thanh Hai told The Star at a launching event in Hanoi that they were all “domestic” investors.

The CEO also named Vietnam Prosperity Joint Stock Commercial Bank as a strategic investor in the company, providing funds for its operations.

The platform will start off with a car- and motorbike-riding services, with the goal to secure 110,000 drivers across Vietnam by the end of the year.

In the long run, it will also introduce food delivery, courier, e-payment, and financing services, similar to what Southeast Asian ride-hailing giants Grab and Go-Jek have implemented in its biggest markets.

In Vietnam, Be will compete directly with Grab and Go-Jek, who had recently entered the market through an entity named Go-Viet.

In the country, Grab has also been involved in a legal battle with local taxi company Vinasun Corp.

As in many markets, ride-hailing companies in Vietnam also faced regulatory issues.

It remains a discussion whether such company should be put under the transportation or tech company category; each category would subject the company into a different set of requirements.

Be said that it considered itself as a transportation company.


Category: Society

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