- Companies
- VinCommerce
VinCommerce Valuation, Funding & Investors
VinCommerce is valued at $2.5B as of April 2021.
Last VinCommerce valuation
$2.5B
Undisclosed stage · Apr 2021
Last VinCommerce funding round
$410M
Undisclosed stage · Apr 2021
Cumulative funding VinCommerce raised
$410M
across 1 funding round
Key investors in VinCommerce
SK South East Asia Investment
About VinCommerce
VinCommerce is a Hanoi-headquartered retailer operating over 3,500 WinMart and WinMart+ stores across Vietnam as part of Masan Group. The company supplies groceries, household goods, and fresh produce to urban and rural consumers, sourcing from local farms and international suppliers. VinCommerce launched its e-commerce arm VinID in 2020, reaching millions of shoppers nationwide.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$2.5B (Apr 2021)
VinCommerce Valuation
VinCommerce is currently valued at $2.5B, based on its undisclosed-stage round in April 2021.
The $410M round was led by SK South East Asia Investment.
VinCommerce valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2021 | Undisclosed stage | $2.5B |
VinCommerce Funding History
VinCommerce has raised a total of $410M across 1 funding round.
VinCommerce funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2021 | Undisclosed stage | SK South East Asia Investment (lead) | $410M | $2.5B | VinCommerce is Vietnam's leading retail operator of supermarkets and convenience stores under brands like WinMart and WinMart+, running over 2,300 stores with approximately 50% market share in modern trade grocery retail. In April 2021, SK South East Asia Investment, a subsidiary of South Korea's SK Group, acquired a 16.3% stake from Masan Group for $410 million, implying a $2.5 billion valuation for 100% equity under the same terms Masan used in its 2019 acquisition. This transaction validates Masan's turnaround of VinCommerce post its 2019 merger with Masan Consumer, focusing on store optimization, margin enhancement, and cost rationalization. VinCommerce reported annual revenue of $1.4 billion in 2020, up 30% from $1.1 billion in 2019, with projections for $1.8 billion in 2021. The company achieved EBITDA breakeven in Q4 2020 and positive EBITDA in 2021, targeting positive EBIT in H2 2021 through initiatives like direct sourcing for 2% commercial margin improvement, nationwide pilot store rollouts, and enhanced supply chain automation. SK views VinCommerce as poised to become an omni-channel leader combining online and offline retail amid Vietnam's rapidly growing retail sector, expected to see 25% annual growth and modern trade expanding to 50% market share. The investment aligns with SK's strategy to expand in Vietnam's consumer sectors including retail, logistics, and payments, building on prior stakes in Masan Group and Vingroup. Masan plans to use proceeds to strengthen its balance sheet and fund growth, while SK retains priority rights for future retail investments. Vietnam's retail market shift from traditional markets to modern formats and emerging ecommerce underscores VinCommerce's growth potential, positioning it as a national O2O champion. |
Who has invested in VinCommerce?
1 investor has backed VinCommerce across its funding rounds, including SK South East Asia Investment.
Lead investors include SK South East Asia Investment.
VinCommerce Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 VinCommerce investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialVinCommerce Competitors
VinCommerce competitors include listed companies like E-MART, Blibli and momo.com, and private ones like VANCL, Nuvemshop and Wanda E-Commerce.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $21B | $1.6B | $1.4B | 0.5x | ||
| Publicly listed | $1.3B | ($83M) | $2.2B | 1.6x | ||
| Private | - | - | $3B | - | ||
| Publicly listed | $3.4B | $148M | $2.1B | 0.6x | ||
| Private | - | - | $3.1B | - | ||
| Private | - | - | $3.2B | - |
VinCommerce Public Comps
VinCommerce is still privately-owned, but its public comps include Assaí Atacadista, Blibli, Grupo Dia, H2O Retailing, Woolworths Holdings, momo.com, Polibeli Group, METRO, Alfamart and Migros.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $15B | $949M | 0.5x | 0.5x | 7.4x | 6.0x | |||
| $1.3B | ($83M) | 1.9x | 1.6x | (28.2x) | (21.5x) | |||
| $6.6B | $538M | 0.5x | 0.5x | 6.7x | 7.2x | |||
| $4.4B | $399M | 0.7x | 0.6x | 7.1x | - | |||
| $5.1B | $512M | 0.6x | 0.6x | 5.9x | 6.3x | |||
| $3.4B | $148M | 0.6x | 0.6x | 13.2x | 12.2x | |||
| $26M | ($4M) | 76.5x | - | (495.5x) | - | |||
| $37B | $1.1B | 0.2x | - | 6.7x | - | |||
This data is available for Pro users. Sign up to see all VinCommerce competitors and their valuation data. Start Free Trial | ||||||||
Common questions about VinCommerce
| When was VinCommerce founded? | VinCommerce was founded in 2015. |
| Where is VinCommerce headquartered? | VinCommerce is headquartered in Hanoi, Vietnam. |
| Is VinCommerce publicly listed? | No, VinCommerce is a private, VC-backed company. |
| What is VinCommerce's valuation? | VinCommerce was last valued at $2.5B in its undisclosed-stage round in April 2021. |
| How much funding has VinCommerce raised? | VinCommerce has raised $410M across 1 funding round. |
| What was VinCommerce's last funding round? | VinCommerce's last funding round was a $410M undisclosed-stage round in April 2021, led by SK South East Asia Investment. |
| Who are VinCommerce's investors? | VinCommerce's investors include SK South East Asia Investment. |
| Which companies are comparable to VinCommerce? | Companies comparable to VinCommerce include E-MART, Blibli, VANCL, momo.com, Nuvemshop and Wanda E-Commerce. |
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