Kilo, a Vietnamese E-Commerce Startup Aims to Digitize Local E-Commerce Market Rapidly
Start-Up Kilo, which connects wholesalers with small, micro, or medium enterprises, wants to digitize the local E-Commerce market. Right now, the country’s revenue in the E-Commerce market is projected to be the US $7,331M in 2021.
A Vietnamese startup Kilo with its platform and E-Commerce tools helps the local small and medium enterprises in managing themselves across multiple sales channels. Such as Kilo’s app, Zalo and Facebook. In addition to this, the startup also optimizes the inventory turnover for cost reduction and minimization of risks.
This startup is the one-stop shop for owners in which they can browse, build a cart and check the transparency pricing across a wide range of products. And in stock details via Kilo’s tools and platform.
The startup has also caught the eye of investors. As it has successfully bagged $5 million in pre-Series A funding to further increase its growth. The latest round of funding was co-led by Altos Ventures, January Capital, Goodwater Capital, Ascend Vietnam Ventures Decisive Capital Management, Ratio Ventures, and other angel investors. The funding has brought the total capital of the startup to $5.7 million.
Kilo was founded in 2020 by Kartick Naryan, the former CMO of Groupon. The startup has so far retained thousands of small and medium enterprises in 24 provinces of Vietnam. Ryan Wilber, Kilo’s head of product and engineering said Kilo has grown its net merchandise value by 320x since launching in October 2020. The Ho Chi Minh City-based startup targets an approximately $180 billion retail market in Vietnam. Since the pandemic, the online buying and selling businesses have grown exponentially which has also given rise to the development of e-commerce platforms.
The startup aims to utilize the new capital to enlarge its team by 4X in the next 12 months and further strengthen its services for customers. In addition to all of this, the company also aims to include features such as financing, logistics, and self-services, and e-commerce store creation for small and medium enterprises.
Narayan talking to Tech Crunch said
“Our mission has taken on new meaning during COVID as Kilo has enabled offline MSMEs to thrive by converting the procurement process from face-to-face interactions to a contact-free, online process. Customers across the nation have been vocal about how Kilo has kept their business running and families safe during COVID.
Story Courtesy Tech Crunch