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

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

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

Kilo’s platform and tools allow local small and medium-sized businesses to manage business across multiple sales channels, such as the Kilo app, Facebook, and Zaloand optimize inventory rotation to save costs and reduce risk in the long term.

Small- and medium-sized store owners have a one-stop shop where they can browse, build a shopping cart, and check with transparent pricing a wide range of assortment and stock details across Kilo’s platform and tools, Narayan said.

Kilo was founded in 2020 by Narayan, former Groupon CMO, vice president of Coupang and chief business officer of TIKI Corporation. The startup, which has maintained thousands of MPMIs in 24 provinces across Vietnam, has increased its net merchandise worth 320 times since launching in October 2020. Kilo aims at a retail market of approximately $ 180 billion in Vietnam, according to Narayan.

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

The latest loan was co-led by Altos Ventures, which marks VC’s first investment in Vietnam, and January Capital, with the participation of its former lender Goodwater Capital, Ascend Vietnam Ventures, Decisive Capital Management, Ratio Ventures and others. angel investor. Pre-Series A brings his total to $ 5.7 million, Narayan noted.

Kilo will use the new capital to grow its team 4 times over the next 12 months and improve its customer platform. The company also plans to add features such as financing, logistics, and setting up self-service e-commerce stores for SMEs.

“Our mission took on new meaning during COVID as Kilo enabled offline MSMEs to thrive by converting the procurement process from face-to-face interactions to a contactless online process. Customers across the nation have spoken openly about how Kilo kept their business running and families safe during COVID, ”Narayan said.

“They will revolutionize the traditional retail sector in Vietnam with their obsessive customer and technology focus. The breadth of knowledge and expertise the team brings to market is exceptional and unmatched in the region, ”said Richard Song, partner at Altos Ventures.

“We strongly believe in supporting the founders who enable SMEs to be more successful in developing markets, an area where Kilo has shown significant success,” said January Capital partner Benjamin Dunphy.

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