With this funding, the total fundraise for The CrownX since its inception in 2020 is now more than US$1.5 billion. The firm’s post-money valuation now soars $8.2 billion, nearly 12 percent higher than its previous fundraising round.
The Abu Dhabi Investment Authority has invested through its subsidiary Platinum Orchard, while Temasek was represented by SeaTown Master Fund.
Masan Group’s CEO Danny Le said the company will now shift its focus on scaling up business as The CrownX targets an international IPO by 2024.
Post-transaction, the Masan Group will hold 81.4 percent interest in The CrownX.
Masan Group said in a statement that The CrownX will be using the fresh capital to invest in growth initiatives and conduct a share buyback.
The firm added, “The next game-changer will be developing FinTech solutions including buy now pay later products for underserved, mass-market consumers by leveraging its loyalty platform with Reddi at the core.”
Mobile virtual network operator Mobicast that operates Reddi was acquired by the Masan Group in September this year.
According to David Tan, managing director of TPG Capital Asia, “Powered by its rising middle class and rapid urbanization, Vietnam is well-positioned to be a significant driver of the next chapter of Asia’s consumption story. We believe that The CrownX is the platform to capture this opportunity.”
Masan Group is one of the top 10 largest companies on the Vietnamese stock exchange with an US$8 billion market cap.
Founded in 2020 by consolidating the Masan Group’s interest in VinCommerce (a retail network the parent group took over from its peer group Vingroup) and Masan Consumer Holdings.
Since then the firm has developed an omnichannel retail system called as ‘Point of Life’ by combining WinMart; its existing supermarket and convenience store chain, Phano pharmacy retail chain, and a commercial lender in which Masan owns 15 percent; Techcombank, along with newly acquired assets such as Reddi and Phuc Long, a coffee & tea chain.
The CrownX had announced its first equity funding in May this year of US$400 million by Baring Private Equity Asia and a consortium led by the Alibaba Group.