Category: group buying

Mio, a social commerce startup focused on smaller cities and rural areas in Vietnam, raises $1M seed



Vietnam has one of the fastest-growing e-commerce markets in Southeast Asia, but many major platforms still focus on large cities. This means people in smaller cities or rural areas need to deal with longer wait times for deliveries. Social commerce company Mio is taking advantage of that gap by building a reseller network and logistics infrastructure that can offer next-day delivery to tier 2 and 3 cities.

The startup, which currently focuses on fresh groceries and plans to expand into more categories, announced today it has raised $1 million in seed funding. The round was co-led by Venturra Discovery and Golden Gate Ventures. Other participants included iSeed SEA, DoorDash executive Gokul Rajaram and Vidit Aatrey and Sanjeev Barnwal, co-founders of Indian social commerce unicorn Meesho.

Rajaram, Aatrey and Barnwal will become advisors to Mio co-founder and chief executive officer Trung Huynh, former investment associate at IDG Ventures Vietnam. Other founders include An Pham, who also co-founded Temasek-backed logistics startup SCommerce, Tu Le and Long Pham.

Founded in June 2020, Mio now claims hundreds of agents, or resellers. They are primarily women aged 25 to 35 years old who live in smaller cities or rural areas. Most join Mio because they want to supplement their household income, which is usually below $350, Huynh and Venturra investment associate Valerie Vu told TechCrunch in an email.

The social commerce model works for them because they are part of (Read more...)

Indonesian social commerce app KitaBeli gets $10M led by Go Ventures



Indonesian social commerce app KitaBeli's team, including

Indonesian social commerce app KitaBeli’s team, including founders Prateek Chaturvedi (seated, left front row and Ivana Medea Tjandra (center front row)

KitaBeli, an Indonesian social commerce app for group buying, announced today it has raised a $10 million Series A. The round was led by Gojek’s investment arm Go Ventures, with participation from returning investors AC Ventures and East Ventures. KitaBeli currently focuses on selling fresh produce and fast-moving consumer goods (FMCG) in areas outside of Indonesia’s major cities, including to people who have never shopped online before.

Launched in March 2020 in Jarkata, KitaBeli then entered the cities of Solo and Malang. Its new funding will be used to expand KitaBeli’s operations in Java, growing its logistics network and developing its mobile app. KitaBeli claims it has grown 80% month over month since launch, with a cost-per-install rate of just 10 cents USD per customers.

Unlike other social e-commerce apps, including ChiliBeli and Woobiz in Indonesia, that build networks of resellers or agents who market items through their social media profiles and take a cut of sales, KitaBeli’s buyers place orders directly through its app, participating in group deals for lower prices. For farmers and suppliers, KitaBeli’s value comes from the ability to reach new customers in more areas of Indonesia. It says users spend an average of USD $70 per month on the app and plans to add new categories like beauty, fashion and accessories.

Co-founder and chief executive officer Prateek Chaturvedi said KitaBeli focuses on direct (Read more...)