Vietnam-based payments major MoMo said it has purchased an undisclosed amount of shares in Nhanh, a provider of sales management software products.
The Nhanh team / Photo credit: MoMo
Established in 2014, Nhanh specializes in cloud-based solutions for omnichannel sales management. This includes online sales, website design, and features that link sellers to logistics providers and add ecommerce integration for platforms such as Lazada, Tiki, and Facebook.
Nhanh’s services are used by over 80,000 businesses in Vietnam, according to a statement from MoMo.
With this acquisition, Vietnam’s latest unicorn hopes to support the digital transformation of small businesses in the country while helping them access new customers amid the pandemic.
“We hope Momo’s investment and its deep resources and large ecosystem will support us to develop innovative solutions, which continue to help SMEs and MSMEs to deliver a seamless and consistent digital transformation experience to customers,” said Nhanh CEO Nguyen Quynh Dong.
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In June 2021, MoMo had also acquired local artificial intelligence startup Pique.
The Nhanh announcement comes after MoMo raised US$200 million in a series E round led by Japan’s Mizuho Bank. The round reportedly pushed the startup’s valuation to over US$2 billion, marking its entry into the unicorn club.
Editing by Collin Furtado and Eileen C. Ang
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