Alibaba-backed fund invests in retail chain Homefarm
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An Alibaba-backed fund has invested an undisclosed amount in Vietnamese retail chain Homefarm.
The investment by eWTP Technology and Innovation Fund is a “seven-digit figure,” the company’s CEO Tran Van Truong said.
Homefarm, which has around 150 stores that sell meat, fish and groceries imported from several countries including the U.S., Australia and South Korea, plans to have 1,000 by 2025, he said.
The funding was through ReDefine Capital Fund, a Singapore-registered investment entity controlled by eWTP.
The $600-million eWTP Technology and Innovation Fund was set up in 2018 with Chinese billionaire Jack Ma’s Alibaba and Ant Group as cornerstone investors.
It reportedly invested recently in Vietnamese retail company Ficus Asia Investment and ed-tech firm Educa Corporation.
Questions & Answers
Q.What is the approximate value of the investment made by the Alibaba-backed fund?
What is the approximate value of the investment made by the Alibaba-backed fund?
Homefarm’s CEO, Tran Van Truong, stated that the investment from the eWTP Technology and Innovation Fund is a 'seven-digit figure'. This indicates the amount is in the millions.
Q.What are Homefarm's expansion plans following this investment?
What are Homefarm's expansion plans following this investment?
Homefarm currently operates around 150 stores. The company intends to significantly expand its footprint, aiming to reach 1,000 stores by the year 2025.
Q.Which specific entity facilitated the investment into Homefarm?
Which specific entity facilitated the investment into Homefarm?
The funding for Homefarm was channelled through ReDefine Capital Fund. This investment entity is registered in Singapore and is controlled by eWTP Technology and Innovation Fund.
Q.Who are the primary backers of the eWTP Technology and Innovation Fund?
Who are the primary backers of the eWTP Technology and Innovation Fund?
The eWTP Technology and Innovation Fund was established in 2018 with significant backing. Chinese billionaire Jack Ma’s Alibaba and Ant Group are listed as its cornerstone investors.
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