Vietnamese logistics startup Scommerce confirms Temasek investment

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.