Vietnamese logistics services provider Scommerce confirmed securing an investment from Singapore state investment firm Temasek in an announcement on Monday.
We reported last week that Temasek had agreed to invest as much as $100 million in the Ho Chi Minh City-headquartered company.
In its statement, Scommerce did not disclose the amount it had raised but said the investment from Temasek was its largest financing to date.
In 2018, Scommerce had received an undisclosed sum from mid-market private equity firm Olympus Capital Asia.
Proceeds from the latest funding will be used to accelerate the nationwide expansion of its two units, Giaohangnhanh (GHN) and AhaMove, and to improve its tech and automation platform.
“Temasek’s long-term partnership and investment will help fast-track the execution of our growth strategy to continually augment our technology and logistics infrastructure, management capacity as well as faster, smarter and more efficient services to meet the increasing demand of our customers,” said Luong Duy Hoai, CEO and founder of Scommerce and GHN.
GHN is the last-mile delivery unit established in 2012 under Scommerce. The parent firm later launched Ahamove, an on-demand delivery service.
Scommerce also runs a cross-border logistics business called Gido.
Thanks to the new cash injection, Ahamove will continue to invest in its four-hour and same-day delivery services, expand the coverage in suburban districts, and look at deeper integration with GHN’s existing infrastructure, according to Pham Huu Ngon, CEO and CTO of AhaMove.
Scommerce itself is a minority-owned unit of new retail group Seedcom, which operates other businesses including F&B, farming and business automation management.
The group was founded by Dinh Anh Huan, former co-founder of Mobile World, Vietnam’s largest electronics retailer that is backed by Kuala Lumpur-based private equity firm Creador.
