TechinAsia's voting takes place on a large scale, covering many different industries and fields such as investment, agriculture, retail, education, healthcare, renewable energy, finance, etc.
Startups that have announced funding results in 2023 in the above fields are included in the list.
Based on the amount of capital these companies have raised, TechinAsia ranks them from low to high, with the best capital-raising company reaching $250 million and the lowest being $20 million.
In the financial sector alone, three companies were voted, namely F88, Trusting Social and Fiinhay. Specifically, F88 ranked 2nd in the list of startups with the most outstanding capital mobilization results, after Novaland Group, while Trusting Social ranked 7th and Fiinhay ranked 11th.
In 2023, F88 has successfully raised capital with domestic and international partners. The most impressive activity is still capital raising from foreign funds. In March, this enterprise announced the successful capital increase results from Mekong Capital Investment Fund and Oman Investment Fund with a total value of 50 million USD.
Next, in September 2023, this chain of stores announced the successful mobilization of 50 million USD from the Lending Ark Asia Fund, bringing the total loan amount that Lending Ark provided to F88 to 100 million USD, within just two years 2022 and 2023. In addition to foreign capital, this business is also quite "cool" when mobilizing capital in the domestic market.
In November 2023, F88 announced that it had successfully raised VND200 billion through bonds. According to TechinAsia statistics, the total capital F88 has raised is USD170 million.
2023 is considered the most “up and down” year for F88 in more than 10 years of establishment. In the first 6 months of the year, due to the general impact of the subprime lending market, F88 had not very positive business results, even negative growth.
Explaining this result, the business leader said that it was because F88 had set aside loan provisions too cautiously, causing operating costs to increase, leading to the above negative results.
But in the third quarter, business results improved, with 9-month revenue exceeding 28% year-on-year; debt collection/credit cost ratio, after falling to 8.7% in the second quarter, increased to 9.8% in the third quarter and 11.3% in October; operating expense to operating income ratio (CIR) in 10 months improved to 63% (last year it was 74.4%); F88's debt/equity ratio was 1.85 times, equivalent to only about half of the financial leverage value at the end of last year (3.86 times) and much lower than the average level of the consumer finance industry (4.58 times as of June 30).
These positive results have contributed to Fiin Ratings' decision to maintain this enterprise's credit rating at BBB- in December 2023.
Among financial startups, following F88 are Trusting Social with a total capital raised of 65 million USD and Finhay with a total capital raised of 25 million USD.
In this list of 15 startups, there are also some other names such as retail company Concung with a total capital mobilized of 90 million USD (ranked 6th), transportation company Be Group with 60 million USD mobilized (ranked 8th), B2B pharmaceutical distribution company BuyMed (thuocsi.vn) reaching 51.5 million USD (ranked 9th)...
Bao Anh
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