Vietnam has amongst fastest-growing e-commerce markets in Southeast Asia, but many major platforms still consentrate on large cities. This means consumers in smaller cities or possibly rural areas need to resolve longer wait times on behalf of deliveries. Social commerce institution} Mio is using any and all00 that gap by building the best reseller network and logistics infrastructure that can offer next-day delivery to tier not one but two and 3 cities.
The startup, on a currently focuses on fresh supermarkets and plans to seeking to into more categories, proclaimed today it has raised $1,000,000 in seed funding. The type of round was co-led according to Venturra Discovery and Hottest Gate Ventures. Other people included iSeed SEA, DoorDash executive Gokul Rajaram additionally Vidit Aatrey and Sanjeev Barnwal, co-founders of Indian public commerce unicorn Meesho .
Rajaram, Aatrey and Barnwal will become experts to Mio co-founder and as well , chief executive officer Trung Huynh, previously investment associate at IDG Ventures Vietnam. Other young entrepreneurs include An Pham, which in turn also co-founded Temasek-backed logistics financial services SCommerce , Tu La direction du and Long Pham.
Conceptualised in June 2020, Mio now claims hundreds of real estate agents, or resellers. They are fundamentally women aged 25 and 35 years old who within smaller cities or idylic areas. Most join Mio because they want to supplement your household income, which is always below $350, Huynh associated with Venturra investment associate Valerie Vu told TechCrunch durring an email.
Of the social commerce model works hard for them because they are part of tight-knit communities that are already employeed to making group orders with each. On average, Mio claims that can its resellers make involving $200 to $300, realizing a 10% commission on each of your order, and additional commissions as mentioned in the monthly performance of merchants they referred to the platform.
Mio is among a great crop of social commerce startups across Asia regarding leverage the buying power of areas where major e-commerce musicians haven’t reached dominance ever. For example , lower tier cities f ueled Pinduoduo’s meteoric rise in Esquirla , while Meesho has generated a distribution network by using 5, 000 Indian urban centers. Other examples of social business areas focused on smaller metropolitan areas and rural areas put “hyperlocal” startup Super and KitaBeli , both in Indonesia, and Resellee in the Philippines .
Social commerce companies frequently don’t require resellers of carrying inventory. Instead, resellers go for what items they want to internet to their buyers. In Mio’s case, most of their resellers’ customers are friends, close family and neighbors, and they advertise group orders through web 2 platforms like Facebook, TikTok, Instagram or Zalo, Vietnam’s most popular messaging app. They likely place and manage panphlets through Mio’s reseller instance.
To address fixed point delivery challenges, Mio is making an in-house logistics and execution system, including a new range center in Thu Duc that can distribute goods in all of Ho Chi Minh and the surrounding five bilities in Binh Dong and therefore Dong Nai provinces. Vu and Huynh said Mio can process up to many daily order units in the centre. Mio is also able to utilize next-day deliveries for order placed that are made prior to 8PM.
To lower logistics selling prices and ensure quick delivery nights, Mio limits the number of pills in its inventory. The company on the focuses on grocery staples, in addition to fresh produce and chicken, and plans to add FMCG (fast-moving consumer goods) coupled with household appliances, too, predominantly white-label goods that have a more costly profit margin.
Mio’s new funding to be used on its distribution centre, and hiring for its technician and product teams. Their startup plans to add a lot personalization options for product kinds and resellers, so they can whip up their own brand identities.