Vietnam’s e-logistics services provider Scommerce, the parent company of delivery startups GHN and AhaMove, has closed its latest and largest funding round led by Singapore’s state-owned investment company Temasek. The funding amount was not disclosed, but as reported by DealStreetAsia, it could be worth up to USD 100 million, making it potentially one of the largest deals in the country this year.
Founded in 2012, Scommerce is one of the leading e-logistics service providers in Vietnam, offering last-mile express and instant delivery, as well as B2B trucking and fulfillment services, under the brands GHN and AhaMove. GHN and AhaMove have been delivery partners for Vietnam’s four largest e-commerce platforms—Shopee, Tiki, Sendo, and Lazada— as well as over 100,000 online small- and medium-sized merchants.
The new funding will be used toward expanding GHN and AhaMove’s nationwide coverage and capacity, as well as investments in tech enhancement and automation, according to a press statement released by Scommerce.
Pham Huu Ngon, CTO and CEO of AhaMove, added that investment will also be used to focus on “the four-hour and same day delivery services, expand our coverage in suburban districts, and most importantly, integrate deeper into GHN existing infrastructure to optimize delivery cost for our merchants.”
According to the recent e-Conomy SEA 2019 report published by Google, Temasek, and Bain & Company, Vietnam is emerging as the most digital of all economies in Southeast Asia. According to research by Singapore-based Cento Ventures and ESP Capital, Vietnamese startups raised a total of USD 246 million in the first half of this year, and the country’s aggregate funding amount is predicted to top USD 800 million by the end of 2019.
Temasek Holdings previously said it was looking to increase investment in “aspiring unicorns” in the region, as reported by Nikkei Asian Review.