Be Group

About Be Group

Be Group JSC is a Vietnamese technology company operating a multi-service consumer platform, positioning itself as a key competitor to regional giants like Grab and GoTo in Vietnam. The company was established as VEEP Technology in June 2018 before officially rebranding to Be Group in October of the same year. By December 2018, it launched its primary ride-hailing services, beBike and beCar, in Ho Chi Minh City and Hanoi. The company was founded by Tran Thanh Hai, Minh T Nguyen, and Nguyen Hoang Phuong, with Vu Hoang Yen currently serving as the CEO.

Be Group's business model centers on an app-based, open platform that aggregates a wide array of services, aiming to be a comprehensive Mobility-as-a-Service (MaaS) provider. The platform generates revenue by facilitating these services for its user base. Its core business is ride-hailing, where it holds a significant 35% market share in Vietnam as of 2023. The service portfolio is extensive, including two- and four-wheel ride-hailing (beBike, beCar, beTaxi), goods and food delivery (beExpress, beDelivery, beFood), and corporate transportation solutions (beCorporate). The company has expanded its operations to 40 cities and provinces, serving nine million users with a network of over 300,000 drivers as of late 2023.

Beyond transportation, Be Group has made a significant move into financial services through a partnership with VPBank to launch Cake by VPBank, a digital bank, in 2021. This diversification also includes partnerships for flight booking (beFlight), insurance, and telecommunications. Unlike some competitors focused on a closed 'super-app' strategy, Be Group emphasizes an open ecosystem, partnering with various companies such as EMDDI for taxi services, Momo for digital payments, and Sun World for tourism services to expand its offerings without bearing all the development costs. The company has secured notable funding, including a $60M debt financing from Deutsche Bank in 2022 and a US$30.3 million investment from VPBank Securities in January 2024. This capital is intended to fuel expansion, with the company aiming to achieve EBITDA profitability in 2024 and grow to 20 million users by 2026.