Myanmar shopping platform bags funding from former Japanese senator, others

Myanmar-based food delivery and online shopping platform Hi-So said it raised new capital in October from investors based in Japan, Singapore, and Malaysia.

The Hi-So team / Photo credit: Hi-So

Hi-So managing director and CEO Kenta Takada told Tech in Asia that there were seven new investors in the round, including former Japanese senator Kotaro Tamura. The exec, however, did not disclose the amount raised.

Hi-So created an app that allows its users to order food, groceries, and daily necessities in Yangon, with plans to offer the service in more regions in Myanmar in the future. Alternatively, users can also order through Hi-So’s website and Facebook page.

The startup was launched in December 2018 as an on-demand delivery platform using bicycles. Since the company launched more features in October last year, Hi-So claimed that it saw total monthly deliveries grow by a two-digit average.

According to Hi-So, it plans to use the new funds to bankroll various marketing efforts as well as the renovation of its app to further increase its users and partner stores.

The company currently has 1,200 partner stores on its platform, composed mainly of restaurants and grocery stores. Hi-So plans to increase that number to 5,000 next year and aims to have more stores in other categories such as daily necessities, cosmetics, and clothing.

“The Covid-19 epidemic made a huge impact on Myanmar society, and many people in Myanmar are still forced to stay home,” said Takada. “Although there is no sign of the end of the Covid-19 crisis, we will continue to provide services that will enrich the lives of people in Myanmar and contribute to the development of Myanmar through the expansion of our business.”