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Deutsche Bank lends Be Group $100 million to expand in Vietnam

Recently, German bank – Deutsche Bank provided a $100 million loan to Be Group while other competitors were struggling to attract drivers, Grab and Gojek strained with post-pandemic challenges as well as high prices unstable material

During the first half of 2022, the transportation war escalated, the drivers left the industry, the lack of customers, the increase in petrol costs, and the reduction in remuneration, made technology car companies a headache to find a new car. solution

Information from Be Group said it will use this money to expand three business areas – motorbike and car ordering, food delivery and digital banking. The ride-hailing app says it will turn a profit as soon as this quarter, although startups as a whole have yet to prove a sustainable business model in the ride-hailing market.

Currently in addition to technology vehicles, Be Group also competes with Gojek or Grab in the field of food delivery and digital banking, BE is operating a digital bank called Cake, which provides Loans for drivers and plans to add consumer loans approved immediately

From a business perspective, Be is still a Startup while Gojek and Grab have listed on the market. A representative of Deutsche Bank shared that Be’s vat package is Vietnam’s “growth contribution”.

In the first half of 2022, revenue in the key market, Ho Chi Minh City, has doubled. The entire market has surpassed 1.5 million monthly active users who transacted on this platform in the first quarter. More specifically, the company started to earn positive contribution from the third quarter of 2022.