The CrownX Corporation (TCX), the consumer-retail platform of Vietnamese conglomerate Masan Group, has raised $350 million from a consortium of investors, including TPG Capital, Abu Dhabi Investment Authority (ADIA) unit Platinum Orchid, and Temasek subsidiary SeaTown Master Fund.
The final capital raising round brings the total investment in the TCX to $1.5 billion since its inception in the first half of 2020. The transaction implies a post-money valuation of $8.2 billion for 100 percent of TCX’s equity, an equivalent of $105 per share, up 12 percent from the previous round.
Following the completion of the deal, Masan will own 81.4 percent of TCX. The company intends to use the proceeds from the transaction to invest in growth initiatives and conduct a share buyback.
The mini-mall concept, a unique integrated format off or online offering a broad array of daily, essential products and services, provides TCX a cost-efficient model to win consumer wallet share across multiple consumer use cases. The upcoming plan will be developing fintech solutions including buy now pay later products.
Danny Le CEO – Masan Group
“We have outlined our Point of Life vision for over 7 years now. The partnership with TPG, ADIA and SeaTown is a validation of our ability to bring to life our Point of Life vision. This marks the end of our capital raising activities at The CrownX as we shift our entire focus to scale up our Point of Life platform nationwide both off and online.”
According to Mr. Le, TCX aims to launch an international initial public offering in 2023-2024, based on three key performance indicators, increasing its share of the consumer wallet by expanding its network, digitizing the entire platform to become a consumer tech company, and increasing its profit margins by double digits.
Mr. Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA, said, “In one of the fastest-growing consumer markets globally, The CrownX is a proven, best-in-class operator with a strong management team, well-positioned to build the leading integrated omnichannel consumer ecosystem in Vietnam. This is yet another illustration of our global strategy of investing alongside leading partners such as the Masan Group and the wider shareholder base of The CrownX. Further building on our increasing focus on Southeast Asia, this commitment underscores our belief in Vietnam’s strong underlying economic fundamentals.”
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