Vietnam-based B2B ecommerce platform Kilo that connects wholesalers with MSMEs has raised US$5 million in pre-Series A funding round led by January Capital and Altos Ventures to digitalize the local retail chain value through technology.
The investment in Kilo also marks Alto Ventures maiden venture in Vietnam.
“They will revolutionize the traditional retail industry in Vietnam with their maniacal focus on the customer and technology. 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.
The funding round also saw participation from Ascend Vietnam Ventures, Goodwater Capital, Ratio Ventures, Decisive Capital Management, and other angel investors.
With this funding, the total amount raised by the startup soars to $5.7 million. Last year, Kilo had raised a seed funding round from 500 Fintech, Goodwater Capital, 500 Startups Vietnam, Singapore’s January Capital, and other noticeable angel investors.
Kilo plans to use this fresh infusion of funds to grow its team in the next one year and develop its platform for consumers. The startup also plans to add features such as logistics, financing, and self-service ecommerce store creation for micro, small, and medium enterprises.
CEO and founder of Kilo Kartick Narayan said, “Our aim is to enable and not disrupt the retail supply chain. Long-tail distribution is the backbone of retail economy in Vietnam and we will empower sellers and retailers with better tools and systems to run a more efficient and profitable businesses.”
He added, “In Vietnam, micro, small, and medium enterprises are the backbone of the retail economy-serving 80% of all purchases.”
Kilo was founded in 2020 by Kartick Narayan, ex-CMO of Groupon, the chief business officer of TIKI Corporation, and vice president of Coupang.
The startup develops a retail platform that offers retailers access to inventory management, assortment, and price. Kilo’s platform has been specially designed to serve MSMEs. It allows the local small and medium enterprises to manage business across multiple sales channels such as Facebook, Zalo, and Kilo’s app while allowing them to optimize inventory turnover to save costs and lessen the risks over time.
Kilo acts as a one-stop shop for MSMEs in which they can browse, create a cart, and check out with transparent pricing a wide range of assortment and in-stock details through its tools and platform.
The startup claims to have grown 320x since its launch last year and aims at an approximately $180 billion retail market in the country.