The CrownX raises $350 million in latest fundraising

CrownX Corporation, the retail platform of Vietnamese conglomerate Masan Group, has raised $350 million from a consortium of investors including TPG Capital, the Platinum Orchid unit of the Abu Dhabi Investment Authority. Dhabi and Temasek subsidiary SeaTown Master Fund.

The latest fundraising brings the total investment in the platform to $1.5 billion since its inception in the first half of 2020. It also implies a post-money valuation of $8.2 billion, or $105 per share, up 12% from the previous round.

After the deal closes, Masan will own 81.4% of The CrownX. The company was formed from the merger of VinCommerce, a retailer sold by Vietnam’s largest conglomerate Vingroup to Masan in 2019, and Masan Consumer Holdings. It intends to use the proceeds of the transaction to invest in growth initiatives and proceed with a share buyback.

Danny Le, CEO of Masan Group, says The CrownX aims to launch an international initial public offering in 2023-2024, based on three key performance indicators – increasing its share of consumer wallet by expanding its network, digitizing the whole of the platform to become a consumer technology company and increase its profit margins by double digits.

According to Masan, the platform follows a mini-mall concept, which integrates online and offline offerings of daily essential products and services. The next game changer will develop fintech solutions, which include “buy now, pay later” products for the mass market.

Credit Suisse (Singapore) acted as exclusive financial advisor to Masan Group in connection with the transaction.

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