Hanoi-based e-commerce platform raises US$22.5 million led by VNG
Hanoi, Ho Chi Minh City, and the southern province of Binh Duong are key markets for the startup.
Telio, a Hanoi-based business-to-business (B2B) e-commerce platform, has raised an additional investment of US$22.5 million in the pre-series B funding round, led by VNG JSC, Vietnam's first unicorn.
|Telio team. Photo: Telio|
The previous investors GGV Capital and Tiger Global also joined this round. Upon this new round, Telio is en route to the next fundraising rounds.
This fresh investment will beef up its capabilities to onboard more than 60,000 retailers across 30 cities and provinces by 2021, and up to 150,000 retailers across 45 cities and provinces in Vietnam by the end of 2022.
Hanoi, Ho Chi Minh City, and the southern province of Binh Duong are key markets for the Vietnamese B2B e-commerce platform and it is expected that 50% of total grocery and fast-moving consumer goods stores in Hanoi and Ho Chi Minh City will purchase via Telio.
Assessing Vietnam as a great potential market with a population of nearly 100 million people, Jixun Foo, Partner Manager at GGV Capital emphasized: “Telio is improving the supply chain for Vietnamese small retailers, helping them transform their business owners over time, including powering their front end to serve consumers, and later on even potentially providing financial services.”
This investment also marks an exciting milestone in Telio’s journey to bringing more holistic services to its partners and retailers across the country, according to the investee.
Under the strategic cooperation agreement, VNG, owning Zalo - the most popular messaging application in Vietnam with more than 60 million monthly users, will not only support Telio to grow and expand its business and coverage but also promote Telio’s branding on the Zalo platform to help retailers place and track orders digitally, and payment solution via e-wallet ZaloPay in the context that Vietnam is promoting the use of cashless payment.
Bui Sy Phong, Founder and CEO of Telio, said: “The strategic partnership with VNG is geared towards this commitment, which is a part of our vision to deliver a host of premium services from suppliers-brands to retailers and end-consumers.”
Given its strong technology capability, Telio has scaled up from a single vertical of FMCG to a multi-vertical business of FMCG, Homeware, Healthcare, and Lifestyle while transitioning its platform from B2B to B2B2C (business-to-business-to-consumer). Going further, the four-year-old Vietnamese startup will target cross-border trade.
As of September 2021, Telio has successfully raised US$51 million from the investors.
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