Vietnamese logistics firm restocks with $6.4m investment

Boxme, a Vietnam-based ecommerce logistics startup, has secured more than 150 billion dong (US$6.4 million) in a funding round from local technology firm NextTech Group and digital payment platform Ngan Luong.

A Boxme fulfillment center in Ho Chi Minh City / Photo credit: Boxme

Founded in 2016 by Han Van Loi – who previously worked at NextTech – Boxme provides an omnichannel logistic management system for ecommerce clients. Its services include sourcing, warehousing, shipping, and payments, among others. Aside from its home country, the startup has operations in Malaysia, Indonesia, Thailand, and the Philippines.

Boxme currently has two fulfillment centers in Vietnam that cover more than 12,000 square meters and can process over 50,000 orders per day. With the fresh capital, the company plans to expand these facilities to 30,000 square meters with a capacity of 150,000 orders.

Without providing specifics, the startup said that in the first half of 2022, it matched its total order figure for last year. It also added that its revenue grew amid the pandemic as a result of the demand for ecommerce services.

Boxme’s latest investor, NextTech Group, was established in 2001. It operates in four main areas including ecommerce, fintech, digital logistics, and edtech. The firm recently caught public attention after its founder and chair, Nguyen Hoa Binh, joined the business reality show Shark Tank Vietnam as a shark.

Meanwhile, Ngan Luong is a subsidiary of NextTech. Launched in 2009, it is now one of the most popular payment gateways in Vietnam, processing over US$50 million in monthly transactions from over 100,000 websites and apps.

See also: As gas prices soar, SEA logistics players brace for impact

Currency converted from Vietnamese dong to US dollar: US$1 = 23,395 Vietnamese dong.