Singapore’s state-owned investment company Temasek has confirmed that it has made an investment in Vietnam’s Scommerce, a leading e-logistics services company that is the parent of delivery startups AhaMove and GHN.
Scommerce has also confirmed the investment and although investment details have not been released, it is rumored that the total investment by Temasek could reach $100 million USD.
Scommerce was founded in 2012 and is one of the leading e-logistics service providers in Vietnam and offers warehousing, fulfillment, trucking, last-mile express, instant delivery and payment services. The company operates under the AhaMove and GHN brands and is a primary delivery partner of Vietnam’s four largest e-commerce platforms – Lazada, Sendo, Shopee and Tiki and also provides services to 100,000+ small and medium-size online merchants.
In announcing the deal, Scommerce said in a press release that the new funding will be used to expanding AhaMove’s ad GHN’s nationwide coverage and capacity, and will also include investments automation and enhancement technologies.
Pham Huu Ngon, CEO & CTO of AhaMove, added that the new investment from Temasek 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’s existing infrastructure to optimize delivery cost for our merchants.”
The recent “e-Conomy Southeast Asia 2019” report published by Google, Temasek, and Bain & Company says that Vietnam is emerging as the most digital of all economies in Southeast Asia.
Singapore-based Cento Ventures and ESP Capital also released a report that says that Vietnamese startups raised $246 million USD in the first half of 2019 and that by the end of the year, the country’s aggregate funding amount is predicted to top $800 million USD.