Grab Rival Be Group Gets $60 Million Loan for Vietnam Expansion
- Be Group seeks to challenge Grab’s dominance in Vietnam: CEO
- Be’s app has been installed on over 20 million mobile devices
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Vietnamese ride-hailing startup Be Group JSC said it has received a loan facility of at least $60 million as it seeks to further challenge Grab Holdings Ltd. in the Southeast Asian country.
The loan from Deutsche Bank AG includes a provision that would allow financing to increase to as much as $100 million, Be Group’s Chief Executive Officer Vu Hoang Yen said in an interview in Hanoi. The funds will be used to expand and enhance its primary services, which include ride-hailing, food deliveries and digital banking.