fbpx

AsiaTechDaily – Asia's Leading Tech and Startup Media Platform

  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
  • Governments
  • Startup Program
  • Events
  • Lists
Menu
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
  • Governments
  • Startup Program
  • Events
  • Lists
Submit Article
Retail14 Dec 2021 5:08

Vietnamese conglomerate Masan Group’s integrated retail platform The CrownX secures US$350 funding.

by AsiaTechDaily Writer
Bookmark (0)

Please login to bookmark

No account yet? Register

Vietnamese integrated retail platform The CrownX has raised US$350 million primary investment from TPG, a private equity firm, ADIA (the Abu Dhabi Investment Authority), Temasek Singapore.

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.

About The CrownX

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.

Tags: FinTech solutionsomnichannel retail system

Similar Articles

Startup Policy4 Dec 2023 7:13

Navigating Singapore’s Startup Ecosystem: Top 5 Funding Initiatives Unveiled

More
Sabrina Peng, Chief Sustainability Officer of Ant Group, speaking about Alipay Ant Forest at COP28 in Dubai, UAE
Featured1 Dec 2023 4:28

Leveraging digital platform to amplify green participation by the public: An Ant Group case study presented at COP28

More
(Habitto Co-founder and CEO Samantha Ghiotti, Source: Cherubic Ventures)
Interviews29 Nov 2023 2:12

How Habitto managed to break into the Japanese Fintech scene in record time without knowing a word of Japanese

More

Weekly popular posts

Venture Capital30 Nov 2022
Australian startup FrankieOne gets another $15.5m for fraud detection
more
FinTech30 Nov 2022
Funding Societies hits THB1bn mark in loan disbursements to Thai SMEs
more
Featured2 Dec 2021
PH ‘most receptive’ market for secondhand goods, Carousell report says
more
FinTech29 Nov 2021
Grab leads latest funding round in Indonesia’s Bareksa
more
Events4 Dec 2019
UNDP’s Global Innovation Initiative for Sustainable Agriculture
more

Topics

Menu
  • AI & Big Data
  • AR & VR
  • Blockchain
  • Clean Technology
  • Content & Games
  • Cybersecurity
  • Enterprise & SaaS
  • Gadgets & Electronics
  • Health & Bio

Program

Menu
  • Ecosystem
  • EdTech
  • Featured
  • FinTech
  • Investments
  • IoT
  • Marketplaces & E-commerce
  • Robotics
  • Transportation & Logistics

About

Menu
  • Home
  • Advertisement
  • Contact Us
  • Privacy Policy

Subscribe and be informed first hand about the actual economic news.

All the day’s headlines and highlights, direct to you every morning.

© 2023 asiatechdaily. All rights reserved.

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback