Southeast Asian superapp Grab has acquired a stake in Nham24, a Cambodian food delivery and e-commerce platform, according to an announcement.
Grab acquired the equity stake held by Smart Axiata Digital Innovation Fund (SADIF), which is managed by Mekong Strategic Ventures, the general partner of the fund. SADIF is a venture capital fund that has invested in Cambodia-based, high-growth digital companies with innovative visions for how technology can transform lives.
The transaction’s size was not disclosed. Bora Kem, a partner at Mekong Strategic Capital, said in a LinkedIn post that the transaction represents one of the largest venture capital exits from a Cambodian business.
Founded in 2015, Nham24 is Cambodia’s first on-demand super app, providing a variety of services ranging from food delivery, ride-hailing, travel, courier, groceries, and quick-commerce. SADIF first invested in Nham24 in 2018.
“We are thrilled to have been a part of Nham24’s journey and to have contributed to this great Cambodian success story,” said Bora Kem. “This transaction is a testament to our strong conviction for rapid digitalisation and tech adoption across different sectors in Cambodia since the fund inception and our ability to identify and nurture high-potential startups.”
“This is a significant milestone for a local startup like Nham24 to inspire future local tech entrepreneurs and to attract international investments into Cambodia’s tech startup scene,” said Borima Chann, Founder of Nham24. “We are proud to have worked with MSV, which has been an incredible partner in working through various challenges from growth strategies, team building, corporate governance, fundraising and now this transaction with Grab.”
Launched by Mekong Strategic Ventures and Smart Axiata, one of Cambodia’s leading telecommunications companies, SADIF invests in high-potential startups that are shaping the future of industries such as e-commerce, fintech, and digital services.
