E-commerce platform Sendo closes $61m Series C financing round

21 November 2019 (Last Updated November 21st, 2019 11:14)

Vietnam-based e-commerce platform Sendo has completed its Series-C funding round, with a $61m investment from existing and new strategic investors.

E-commerce platform Sendo closes $61m Series C financing round
Vietnam e-commerce platform Sendo closes $61m Series C financing round. Credit: Sendo

Vietnam-based e-commerce platform Sendo has completed its Series-C funding round, with a $61m investment from existing and new strategic investors.

The existing investors include SBI Group, BEENOS, SoftBank Ventures Asia, Daiwa PI Partners and Digital Garage.

The new investors include EV Growth from Indonesia and Kasikornbank from Thailand.

Softbank Ventures Asia senior partner and managing director Daniel Kang said: “The company’s marketplace model is extremely well-aligned to address the needs of typical Vietnamese sellers and consumers, and more importantly, to empower them.”

Sendo CEO and co-founder Hai Linh Tran said the funding will support the expansion of its existing integrated platform in the Vietnamese market.

The financing will also be used to enhance the shopping experience for its consumers, by further strengthening its technology with artificial intelligence and machine learning.

In August 2018, Sendo raised $51m during the Series B financing round.

Tran added: “While we have hit our annualised GMV target of $1bn earlier than expected, we care much more about meaningful and sustainable GMV growth, which we believe has to come from consumer stickiness owing to a great shopping experience.

“Sendo’s integrated ecosystem spanning marketplace, advertising, logistics and financial services is designed to ensure that, and that goes well with our monetisation strategy into multiple revenue streams and, ultimately, our path to profitability.”

Sendo was founded in 2012 as part of FPT Corporation. It currently serves over 500,000 sellers, with an estimated 17 million SKUs listed on its platform. The e-commerce retailer also serves more than 12 million customers in Vietnam’s 63 provinces.