World Startup News

Mio- a Social Commerce Startup Raises $1 Million in its Seed Funding

A fresh grocery focused startup Mio plans to expand into more categories, declaring it has raised $1 million in its seed funding series, led by Venturra Discovery and Golden Gate Ventures. Other existing investors involve iSeed SEA, DoorDash executive Gokul Rajaram, and Vidit Aatrey and Sanjeev Barnwal- co-founders of Indian social commerce unicorn Meesho. 

Coming to the Southeastern market, then Vietnam has one of the fastest growing e-commerce markets as of now. But instead of this, some startups and businesses still target large cities. This directly raises the wait times for the rural areas and its prospects, thus Mio is here to form the bridge and expand its business to better reseller network and logistics to serve people irrespective of geographies seamlessly and better. It is focusing on infrastructure which can deliver to tier 2 and 3 cities.

The advisors throughout the journey for Mio were Rajaram Aatrey and Barnwal to Mio Co-founder and CEO Trung Huynh. Others are- An Pham, who also co-founded Temasek-backed logistics startup eCommerce, Tu Le and Long Pham.

Mio- Profile

The company was founded in June 2020, and within a year and less it claims 100 of agents, or resellers in its system. They are primarily women of age group 25 to 35 years who live in smaller cities or rural areas. 

The major reason why people join Mio is to supplement their household income which is usually below $350. 

The company claims that their business model works for them because they are a part of tight-knit communities. It also states that the resellers make about $200 to $300, earning a 10% commision on each order, and other additional commissions based on the monthly performance of retailers they referred to the platform. 

Now how does it work? 

Mio’s resellers are mostly family members, neighbours, friends, and they promote group orders via social media platforms like TikTok, Facebook, Instagram, Zalo (Popular Vietnam social media platform) and more. And together they place and manage orders via Mio’s application or platform. 

For seamless delivery, Mio is developing an in-house logistics and fulfillment system. It also involves developing a new distribution center in Thu Duc to distribute goods to all of Ho Chi Minh and the surroundings of five cities in Binh Dong and Dong Nai Provinces. Not only this, it can also perform next-day deliveries for orders that are made prior to 8PM. 

The new proceedings and friends will be used on its distribution center, talent acquisition for its tech and product teams. The Startup plans to add more customized options for product ranges and more.

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