Telio, a Vietnamese B2B e-commerce platform, has secured US$22.5 million in a pre-Series B round led by local unicorn VNG Corporation.
Global VC firm GGV Capital and existing shareholder Tiger Global also participated in the round.
This round comes about two years after it raised US$25 million in Series A led by Tiger Global in 2019.
As per a news report (in Vietnamese), Telio will utilise the funds to expand across 30 provinces in the country, targeting to serve more than 60,000 retailers in 2021. It also aims to expand its presence to 45 provinces and cities, with 150,000 shop owners joining the platform by the end of 2022.
Under the strategic cooperation agreement, VNG will support the digital booth setup for Telio’s retailers on Zalo, an instant messaging app with 62 million users in Vietnam. The platform also develops e-commerce supporting services, such as Zalo Official Account (OA) and Zalo Mini App, enabling shop owners to digitise orders and track delivery easier.
Also read: 3 factors affecting e-commerce trends in Vietnam
Founded in 2018 by CEO Phong Sy Bui, Telio connects small retailers with brands and wholesalers on a centralised platform that provides a broader selection of goods, affordable pricing, and efficient logistics. It leverages big data to elevate manufacturers and retailers’ value chains.
Initially focusing on the FMCG domain, Telio has expanded to other industries such as home appliances, medical, and others and evolved from a B2B to B2B2C platform.
Shop owners and buyers can access Telio on multiple platforms, including web, mobile app, and online stores on Zalo. The firm also develops a Teliobooks app to help store owners manage debt and revenue with automatic reports and reminders via SMS or Zalo messages.
In October 2020, Telio became the first B2B platform to launch its online stores on Zalo to promote contactless sales. The collaboration with VNG allows Telio’s retailers to employ the e-wallet payment solution ZaloPay in their buying and selling processes.
In addition, small and medium business households will have the opportunity to access a wide range of financial and credit products to support business growth.
The e-commerce space is ripe for an explosion in the region, with Vietnam’s Tiki and Indonesia’s GoTo eyeing IPOs while snagging sizable deals earlier this month.
Notably, Society Pass, a startup managing various e-commerce and lifestyle platforms, has become the first Vietnamese company to complete a traditional listing on the US stock market.
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Image Credit: Telio
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