Kilo, a Vietnamese B2B e-commerce platform for MSMEs, bags $5M pre-Series A

DMCA / Correction Notice
- Advertisement -


kg, a Vietnam-based B2B e-commerce platform that connects wholesalers with micro, small and medium enterprises (MSMEs), seeks to digitize the local retail value chain through technology.

- Advertisement -

“In Vietnam, micro, small and medium enterprises are the backbone of the retail economy – serving 80% of all purchases,” said Kilo Karthik Narayan, CEO and founder.

Kilo’s platform and tools provide local small and medium enterprises with multiple sales channels such as Kilo’s app, Facebook and zalo, and optimize inventory turnover to save cost and reduce risk in the long term.

advertisement

Narayan said that small and medium shop owners have a one-stop shop wherein they can browse through Kilo’s platform and tools, create carts and have a wide range of assortments and details in stock with transparent pricing. can see.

Kilo was founded in 2020 by Narayan, former CMO of Groupon. coupang and Chief Business Officer of Tiki Corporation, The startup, which has retained thousands of MSMEs in 24 provinces across Vietnam, has increased its net business value by 320x since its launch in October 2020. According to Narayan, Kilo targets a retail market of about $180 billion in Vietnam.

- Advertisement -

The Ho Chi Minh City-based startup today announced that it has secured a $5 million Pre-Series A to fuel its growth.

The latest funding was led by Altos Ventures, marking the VC firm’s first investment in Vietnam, and with participation from Jan Capital, its previous backer Goodwater Capital, Ascend Vietnam Ventures, Breakthrough Capital Management, Ratio Ventures and other angel investors. with. Narayan said that pre-series A has raised a total of $5.7 million.

Kilo will use the new capital over the next 12 months to grow its team by 4x and grow its platform for customers. The company also plans to add facilities like financing, logistics and self-service e-commerce store creation for MSMEs.

“Our mission has taken on new meaning during COVID as Kilo has enabled offline MSMEs to convert the procurement process from face-to-face interaction to a contact-free, online process. Customers across the country have been vocal about how Kilo has kept their businesses and families safe during COVID,” Narayan said.

“They will revolutionize the traditional retail industry in Vietnam with their frantic focus on the customer and technology. The breadth of knowledge and expertise the team brings to market in this area is extraordinary and unmatched,” said Richard Song, Partner at Altos Ventures.

“We strongly believe in supporting founders who enable MSMEs to be more successful in developing markets, an area in which Kilo has shown significant success,” said partner at Jan Capital Benjamin Dunphy.

- Advertisement -

Stay on top - Get the daily news in your inbox

Recent Articles

Related Stories