ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Vietnam ride-hailer gets $60m Deutsche Bank loan to battle Grab

Be Group also competes with Gojek in food delivery and has digital bank

A Be Group driver takes a break in Ho Chi Minh City, where COVID and the Ukraine war have fueled a driver and gas shortage. (Photo by Lien Hoang)

HO CHI MINH CITY -- Deutsche Bank has loaned $60 million to ride-hailer Be Group in Vietnam, where customers are literally fighting for rides as companies -- including rivals Grab and Gojek -- struggle to attract drivers amid COVID challenges and rising fuel prices.

Be Group said on Monday it will use the funds to expand three businesses -- motorbike- and car-hailing, food delivery and digital banking -- and has the option to borrow a further $40 million. The app maker said it looks to turn a profit this quarter, though startups overall have yet to prove a sustainable business model in the ride-hailing market.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more