Alibaba-backed fund invests in retail chain Homefarm

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.