Masan Group Corporation on December 13 announced it has signed a deal for 350 million USD primary investment in The CrownX Corporation (TCX) by a consortium of investors comprising TPG, Platinum Orchid – wholly owned by the Abu Dhabi Investment Authority, and SeaTown Master Fund – managed by an indirect subsidiary of Temasek Holdings.
A final funding round of 350 million USD increases The CrownX Corporation’s valuation by12 percent. (Photo Courtesy of Masan)
It marks the final round of funding for the TCX eco-system, which now adds up to over 1.5 billion USD from marquee global investors since it began in the first half of 2020.
It gives TCX a valuation of 8.2 billion USD, equivalent to 105 USD per share and representing a 12 percent increase since the previous round.
After the deal, Masan will own 81.4 percent of The CrownX. It intends to use the proceeds to invest in growth initiatives and do a share buyback.
The mini-mall concept, a unique integrated format offline and online offering a broad array of daily, essential products and services, gives The CrownX a cost-efficient model to win consumer wallet share across multiple industries.
Danny Le, CEO of Masan Group, said: “We have outlined our Point of Life vision for over seven years now. The partnership with TPG, ADIA and SeaTown is a validation of our ability to bring to life our Point of Life vision.”
“We [plan to next] shift our entire focus to scaling up our Point of Life platform nation-wide both off and online.
“We look forward to a 2023-2024 international IPO of The CrownX with three simple KPIs: increasing our share of the consumer wallet by expanding our network, digitising our entire platform to become a consumer tech company and double-digit profit margins.”
“Powered by its rising middle class and rapid urbanisation, Vietnam is well-positioned to be a significant driver of the next chapter of Asia’s consumption story,” said David Tan, managing director, TPG Capital Asia.
“Having witnessed Masan’s turnaround of WinCommerce (WCM), we believe that The CrownX is the platform to capture this opportunity. They will develop the eco-system further to expand their services to create value for all Vietnamese consumers.”
Steven Chua, Deputy CIO at SeaTown Master Fund, said: “We see a compelling long-term consumption growth story in Vietnam and The CrownX is well-positioned to capture this growth through the company’s transformative initiatives.”
Credit Suisse (Singapore) Limited acted as the exclusive financial advisor to Masan Group./.
VNA
