ABC Impact, a Singapore-headquartered Asia-focused private equity firm, has officially adopted the Operating Principles for Impact Management while Vietnam–based social commerce startup On Group has acquired TopShip, an aggregation platform for fulfillment and delivery for an undisclosed sum.
Temasek’s ABC Impact adopts Impact Principles
ABC Impact, a Singapore-headquartered Asia-focused private equity firm, has officially adopted the Operating Principles for Impact Management (Impact Principles), an initiative led by International Finance Corporation since 2019.
The announcement comes as ABC Impact’s parent, Singapore-based global asset management firm Temasek Trust Asset Management, formally became a signatory to the Impact Principles, joining over 100 other signatories. The Impact Principles comprise nine principles covering the strategic intent at the onset of the investment through to the impact generated upon exit.
The Impact Principles were launched in 2019 and are designed to bring greater discipline, transparency and credibility to the impact investing market.
Backed by Temasek Trust, Temasek Holdings, Pavilion Capital, Mapletree, Seatown Holdings and Sembcorp Industries, ABC Impact closed its first fund in January 2020, raising S$405 million ($303 million). The impact investor has deployed S$98 million so far in at least five portfolio companies across Singapore, Vietnam, India, China and Australia.
Vietnam’s On Group acquires TopShip
Vietnam–based social commerce startup On Group has acquired TopShip, an aggregation platform for fulfillment and delivery, for an undisclosed sum.
This acquisition, which comes after On Group raised $1.1 million from local VC firm Touchstone Partners and ThinkZone Ventures in January this year, will allow the firm to expand its product offerings and gain access to a network of 15 delivery companies nationwide.
Founded in 2017, TopShip claims that it has provided delivery solutions to more than 50,000 online sellers across the country, serving more than 25,000 orders per day. The firm claims its platform can help sellers optimise shipping costs by up to 50%.
After the acquisition, TopShip will be rebranded to OnShip.
Founded in 2021, On Group claims that it owns a community of more than 1.4 million interested people, over 52,000 sellers and resellers and more than 20,000 products.
According to a Google and Bain & Company report, Vietnam is predicted to be the fastest-growing e-commerce market in Southeast Asia by 2026, with e-commerce gross merchandise value (GMV) reaching $56 billion by 2026, 4.5 times the estimated value of 2021.