Vietnamese e-commerce startup raises millions of US dollars
On, a startup operating in the field of e-commerce (e-commerce) in Vietnam, has raised US$ 1.1 million in a seed round, according to TechinAsia.
On's seed round was led by venture fund Touchstone Partners. This round also had the participation of investment fund ThinkZone Venture. These venture capital funds are all based in Vietnam and keen on startups in the fields of technology such as Fintech, Edtech, Logistics and others.
Launched in March 2021, On is a platform that allows individuals to market products to their friends and family and earn commissions based on each transaction. On will handle the entire process, from introduction, processing, and implementation to delivery.
This platform will help generate income from sales for those who want to do business online. In particular, participants in this network will not need capital to import or store goods.
To make it more convenient for both sellers and buyers, On is developing a delivery platform called OnDelivery with about 24,000 drivers in the network.
This platform is founded by Giang Nguyen, a former technology leader at FPT Software. The two co-founders include Dzung Luu (former human resources director of ride-hailing company Be) and Minh Nguyen (former CFO of Logivan).
Online currently has more than 10,000 sales associates, who can earn about $300 per month on average. There are about 20,000 products for sale on the platform.
According to Techinasia, On plans to use the newly raised funds to expand its presence and to provide management services, delivery and capital support for sales associates.
On's business model is not new in Vietnam. In mid-2021, a similar platform named Cuccu.vn was introduced at the Shark Tank TV show.
The Covid-19 pandemic has turned out to be a golden opportunity for e-commerce platforms as online shopping was the only alternative to obtain essentials during lockdown.