2Q22 Newsletter

2Q22 Newsletter
for the quarter ended 30 June 2022

2Q22 Newsletter
for the quarter ended 30 June 2022

Some of the data here are the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately.

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New Investment

New Investment

In May 2022, Mekong Enterprise Fund IV invested US$25 million in its seventh deal – Entobel, part of the US$30 million funding round.

Entobel is a biotech company producing insect-based ingredients from Black Soldier Flies for various industries including the animal feed, pet food, and fertilizer industry.


Spotlight On Investee Companies

Spotlight On Investee Companies
661 new points of sales

In 2Q22, Mutosi expanded its product coverage to 661 new points of sales, achieved 69% YoY growth of revenue 

 661 new points of sales
Pharmacy chain points of sale grew 229% YoY

Number of pharmacy chain points of sale distributing LiveSpo’s products grew 229% YoY due to the company’s focus to gain visibility in all three of the largest pharmacy chains (in terms of number of stores), namely Pharmacity, Long Chau and An Khang.

Pharmacy chain points of sale grew 229% YoY
Opened 164 new stores

In this quarter, Pharmacity steadily increased its retail presence with 164 new stores, raising the chain’s total operating stores to 1,148 stores across the country 

Opened 164 new stores
111 new branches opened

F88 celebrated its 700 branches milestone in 2Q22 with the opening of 111 new branches. In addition to accelerating in coverage, F88 upholds its commitment of providing financial inclusion to low-income people in Vietnam in a sustainable way, thus receiving the Gold level of Client Protection Certification (CPC) Framework.  

 111 new branches opened
125% YoY revenue growth

Vua Nem’s revenue increased 125% compared to the same period last year. The growth was mainly driven by continuously expanding its footprint with great store locations and reaching total of 130 stores nationwide.

 125% YoY revenue growth
29% YoY revenue growth

Marou’s revenue in 2Q22 achieved 29% YoY growth, mostly thanks to sales performance of Maison Marou and continual enhancement of customer engagement through the launch of new e-commerce website in May 2022.

 29% YoY revenue growth
28% YoY revenue growth

Revenue of Nhat Tin Logistics in 2Q22 increased 28% YoY, in which revenue from top 10 biggest customers grew 20% and number of bills overall increased by 28% compared to the same period last year. 

 28% YoY revenue growth
27% QoQ sales growth

In 2Q22, total net sales increased by 27% compared to last quarter driven by the sales performance of new BiaCraft locations opened in the previous quarter. 

 27% QoQ sales growth
145%  YoY growth in number of agents

Rever’s number of agents increased 145% YoY thanks to the training program for new, inexperienced agents. Based on the newly designed customer journey, the training program has made appropriate changes to instilling customer centric mindset with the goal of providing the best customer experience.

 145%  YoY growth in number of agents
Number of test increased by 40% YoY

Gene Solutions’ number of tests increased by 40% YoY for 2Q22, mainly attributable to the increased number of points of sale (partnering medical centers and doctors) by 41% YoY as of 30 June 2022.

Number of test increased by 40% YoY
Opened at SC VivoCity 

In 2Q22, 4P’s opened a new restaurant in SC VivoCity (District 7, Ho Chi Minh city), increasing the total number of Pizza 4P’s restaurant to 26 across the country. 

Opened at SC VivoCity
4 new Beauty Box stores

In this quarter, HSV Group enlarged its network of Beauty Box stores with the opening of 2 new locations in Ho Chi Minh city on Le Van Viet street (District 9), at Van Hanh Mall (District 10); and 2 locations in Hanoi at Vincom Mega mall in Times City and Smart City.  

 4 new Beauty Box stores
28% QoQ growth in new enrollments

YOLA witnessed a growth in new enrollments by 28% in 2Q22 compared to the previous quarter. This was the result of the new market reactivate branding campaign – “Opening Doors to Possibilities”, with mass activities including writing contest, scholarship awards for students from the age of 5 to 18.

 28% QoQ growth in new enrollments
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