Mio, a Vietnamese social commerce startup, recently received $1 million in venture capital seed funding. This fresh investment round was led by Ventura Discovery and Golden Gate Ventures as the prime investors, while other investors include ISeedSea, Meesho co-founders Vidit Aatrey, Sanjeev Barnwal, and Gokul Rajaram of DoorDash, as per the Mio 1M Series ventureshutechcrunch.
Mio is a start-up based in Ho Chi Minh City of Vietnam and was founded in 2020. It serves as a perfect solution for delivering groceries to the people of tier 2, tier 3, and remote areas of the country. It was founded by Trung Huynh and gained immense popularity throughout the nation for its speedy delivery services. There are very few delivery partners and social commerce companies in Vietnam who deliver to Tier 2 and Tier 3 cities or if they deliver, they take a lot of time to do so. Mio has worked on this problem and introduced its services so that people in remote areas could also get the feasible advantage. For this reason, the company is well-admired by the people. Having a lot of resellers on its platform, it is helping many people earn money by reselling businesses which majorly includes women of the age group 25-35 years according to the CEO. They earn a well-set commission for the same and earn more than $200 on every successful order, putting up some good income for themselves. They are currently delivering in neighboring cities where the start-up was founded. They are only dealing in essential household items such as groceries and dairy products as of now broadening their customer base in countryside areas which is an added advantage for them, due to less competition. The best part here is they are providing self-earning capabilities to many people, mainly women (25-35 age) of the country without any investment so that they can refer the products to their known persons or group and make their business grow. Various platforms such as Zalo, Instagram, and Facebook are there to facilitate the process of group orders.
According to the Chief Executive Officer of Mio, Trung Huynh, the company is currently targeting smaller areas of Vietnam which has comparatively less or very slow offerings of online deliveries in case of groceries and the people who are not very familiar with e-commerce or online delivery systems are their prime customers. Not only onboarding the women entrepreneurs on the platform, but they will also provide additional facilities such as training and development to them.
The recently announced $ 1 Million funding will be used to tackle many challenges faced by the company and to expand its operations further while also easing the process of reselling for businesswomen on its platform. They are all set to add some new categories known as Fast-Moving Consumer Goods and white-label unbranded products branded by them to open for delivery. Apart from this, the start-up is focussing on building, shipping, and delivery distribution in other areas such as Thu Duc as a way to expand, and make their business reachable. Another point is that they will also focus on reducing the delivery times to make it quicker. Currently, they are successfully taking next-day deliveries if made within a particular time frame. The company will hire fresh talent according to the demands with this latest funding raised.
Discussing the investors, the lead ones are Venturra Discovery and Golden gate ventures. Venturra discovery is a venture capital firm located in Indonesia. It was founded in September 2018 and principally focuses on seed funding and early-stage funding round. The co-founders of Venturra Discovery are Rudy Ramaway and John Riady. Another company is Golden Gate Ventures which is a Singaporean investment firm founded in 2011 by Jeffrey Paine. Co-founders of Meesho, Vidit Aatrey, and Sanjeev Barnwal will become principal advisors and consultants to the start-up along with Gokul Rajaram of DoorDash.Meesho is an Indian Social commerce platform catering to the needs of people by delivering products in various categories. Along with that, it also provides reselling facility for people to grow their businesses with the assistance of Meesho. While, Doordash is a famous food delivery application headquartered in San Francisco, America.
This $1 Million seed funding round is their first round after the start-up has been founded. The start-up is doing great in its purpose of helping people of rural areas as well as helping women to enlarge their micro businesses. Group orders can also be placed through the application and every single operation of the process after the ordering of products will be handled by Mio itself.
Opting for an area and operating its functions in the same which already has less focus is a great advantage for the people as well as the company. The start-up is already well known to the people of Vietnam and has a plan to make some amazing changes in the favour of its wide customer base.
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