Vietnamese e-commerce marketplace Sendo has secured a US$61 million Series C funding, just as its overtakes local archrival Tiki into second place in the market.
In this financing round, its largest to date, Sendo has been backed by its existing investors including SBI Group, Beenos, SoftBank Ventures Asia, Daiwa PI Partners, and Digital Garage together with new investors such as EV Growth from Indonesia, and Kasikornbank from Thailand.
According to a statement, the funds will be used to expand the breadth of its existing integrated platform offering to both sellers and consumers, as well as to “further deepen its technology moat with AI and machine learning to enhance the overall consumer journey experience”.
“While we have hit our annualised gross merchandise volume (GMV) target of US$1 billion earlier than expected, we care much more about meaningful and sustainable GMV growth, which we believe has to come from consumer stickiness owing to a great shopping experience,” said Hai Linh Tran, co-founder and CEO of Sendo, pictured above.
“Sendo’s integrated ecosystem spanning marketplace, advertising, logistics and financial services is designed to ensure that, and that goes well with our monetisation strategy into multiple revenue streams and ultimately, our path to profitability.”
Senior partner and MD of Softbank Ventures Asia, Daniel Kang, said Sendo’s strength in using the capabilities of its partners within the ecosystem has essentially created a win-win for merchants, advertising companies and financial institutions. “The company’s marketplace model is well-aligned to address the needs of typical Vietnamese sellers and consumers, and more importantly, to empower them,” he said.
According to a recent report from iPrice, Sendo has become the second-most downloaded app and the second-most visited e-commerce website in Vietnam, overtaking its domestic rival Tiki which is 25.65 per cent owned by Chinese e-commerce giant JD. Both Sendo and Tiki are concentrating solely on the Vietnam market,rather than expanding into other countries as its rivals are. Regional player Shopee remains number one.
Sendo now boasts more than 500,000 sellers, with an estimated 17 million SKUs listed on its platform. The company serves more than 12 million customers across across the country.