Aditya Hadi Pratama · · 1 min readVietnam B2B marketplace nets $5m funding
Kilo, a Vietnam-based business-to-business online marketplace, raised US$5 million in a pre-series A funding round co-led by Altos Ventures and January Capital.
Kilo’s existing investors like Goodwater Capital participated in the round along with new investors such as Ascend Vietnam Ventures, Decisive Capital Management, and Ratio Ventures.
The deal is Altos Ventures’ first investment in Vietnam.
Kilo team / Photo credit: Kilo
Founded in 2020 by Kartick Narayan, a former executive at Amazon, Coupang, and Tiki, Kilo allows small and medium-sized retailers to buy stocks from wholesalers. In addition, it can also help retailers manage their businesses across multiple sales channels.
The Ho Chi Minh City-based firm has a similar business model to Indonesia-based firm GudangAda, which raised US$100 million earlier this year.
Kilo said that since the launch of its platform in October 2020, its net merchandise value has increased 320x. It has acquired thousands of retailers across 24 provinces in the country.
See also: A David vs. Goliath battle in Vietnam’s B2B ecommerce sector
The company plans to use the fresh funds to grow its team by 4x by the end of next year and build additional features such as financing, logistics, and online store creation for retailers.
Editing by Collin Furtado and Arpit Nayak
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