Vietnamese tech conglomerate, OTA operator raises $250M

Vietnam-based VNLife, a technology company that operates in travel, banking, retail and more, has raised $250 million in Series B funding.

The round is led by General Atlantic and Dragoneer Investment Group, with participation from PayPal Ventures, EDBI and existing investors GIC and SoftBank Vision Fund 1. 

VNLife says it will use the funding to “further capitalize on the vast market opportunities in an increasingly digital Vietnam...”

VNLife’s travel subsidiary, VNTravel, is a domestic online travel agency offering booking of air, hotels and tours and activities to more than five million customers through platforms such as Mytour.vn, Dinogo, Tripi and more than 30 mobile banking applications. 

In July, VNTravel signed an agreement with Yanolja Cloud, a hospitality software provider, to provide its technology to hotels in Vietnam to enable digital check in and check out, contactless payments and other services.

“The global experience and perspective they can bring to further support our growth ambitions is very exciting. Given a rapidly growing digital consumer base in the country, the additional funding will allow us to accelerate our efforts in technologically enabling our merchant partners to keep up with this change,” says Niraan De Silva, managing director, VNLife.