Kilo, a Vietnam-based B2B e-commerce platform that connects wholesalers with micro, small and medium enterprises (MSMEs), desires to digitize the native retail worth chain through know-how.
“In Vietnam, micro, small and medium enterprises are the spine of the retail economic system — serving 80% of all purchases,” CEO and founding father of Kilo Kartick Narayan mentioned.
Kilo’s platform and instruments allow the native small and medium enterprises to handle companies throughout a number of gross sales channels, similar to Kilo’s app, Fb and Zalo, and optimize stock turnover to save lots of prices and cut back dangers over the long run.
The small and medium store homeowners have a one-stop store wherein they will browse, construct a cart and take a look at with clear pricing a wide selection of assortment and in-stock particulars via Kilo’s platform and instruments, Narayan mentioned.
Kilo was based in 2020 by Narayan, former CMO of Groupon, vp of Coupang and chief enterprise officer of TIKI Corporation. The startup, which retained hundreds of MSMEs in 24 provinces throughout Vietnam, has grown its internet merchandise worth by 320x since launching in October 2020. Kilo targets an roughly $180 billion retail market in Vietnam, in line with Narayan.
The Ho Chi Minh Metropolis-based startup introduced at the moment it has secured a $5 million pre-Sequence A to spur its development.
The newest funding was co-led by Altos Ventures, marking the VC agency’s first funding in Vietnam, and January Capital, with participation from its earlier backer Goodwater Capital, Ascend Vietnam Ventures, Decisive Capital Administration, Ratio Ventures and different angel buyers. The pre-Sequence A brings its whole raised to $5.7 million, Narayan famous.
Kilo will use the brand new capital to develop its workforce by 4x within the subsequent 12 months and improve its platform for purchasers. The corporate additionally plans so as to add options similar to financing, logistics and self-service e-commerce retailer creation for the MSMEs.
“Our mission has taken on new that means throughout COVID as Kilo has enabled offline MSMEs to thrive by changing the procurement course of from face-to-face interactions to a contact-free, on-line course of. Clients throughout the nation have been vocal about how Kilo has stored their enterprise working and households protected throughout COVID,” Narayan mentioned.
“They’ll revolutionize the normal retail trade in Vietnam with their maniacal concentrate on the client and know-how. The breadth of data and experience the workforce brings to market is phenomenal and unmatched within the area,” mentioned Richard Track, accomplice at Altos Ventures.
“We consider strongly in supporting founders who allow MSMEs to be extra profitable in creating markets, an space wherein Kilo has proven important success,” mentioned accomplice at January Capital Benjamin Dunphy.
