Sequoia backs new 🇻🇳 quick commerce startup’s $3m pre-seed round

Rino, a new delivery startup based in Vietnam, said it raised US$3 million in a pre-seed funding round from Global Founders Capital, Sequoia Capital India, Venturra Discovery, and Saison Capital.

Trung Thanh Nguyen, Rino founder and CEO / Photo credit: Rino

Rino, taken from the words “right now,” makes 10-minute deliveries for fresh food and grocery orders in Vietnam. The company said it does this by owning inventory and procuring directly from suppliers and by integrating its own dark stores into the logistics process.

Established just last month, the startup plans to open hundreds of stores across cities like Ho Chi Minh and Hanoi.

Rino was founded by CEO Trung Thanh Nguyen – a startup veteran in Vietnam who previously served as COO at Baemin Vietnam. The exec is also a former head of Grab’s two-wheel division in the country.

Trung is part of a founding team that has had experience from companies like Grab, Baemin, and Lazada, as well as FMCG companies such as AB Inbev.

See Also: Will India’s 10-minute quick commerce model last?

“The quick commerce landscape has benefitted from permanent gains as consumers of all demographics continue to rely on ecommerce options even after Covid-19 lockdowns taper off,” said Chris Sirise, partner at Saison Capital.