South Korean’s Smilegate Investment- led funding round has helped secure Lozi, and e- commerce platform based out of Vietnam an eight- digit figure in American dollars. Lozi works to give consumer to- consumer services and solutions. Through LoShip, Lozi’s own on- demand delivery system, t caters to its client. Country’s one- stop solution for one- hour delivery needs is its ultimate goal which will now be targeted by using the freshly raised capital by the emerging tech startup.
Local accelerator Vietnam Silicon Valley, Ascendo Ventures (South Korea), JC Capital (US) and DTNI were among the participants of this funding round.
The co- founder and chief executive officer of Lozi; Nguyen Hoang Trung, established the startup in the year 2014 along with his friends. It product platform expanded from just being a food delivery app. The platform started providing reviewing of food and eventually an e- commerce platform for a variety of products such as electronics, fashion, vehicles and others.
According to Nguyen Hoang Trung, its one- – hour delivery services will improve and grow faster with the new funds, as they will give it an edge, pushing it towards its goal of become the country;s fastest growing inta- city e- commerce portal.
A boost to its revenue can be expected by 2020 where it aims to have an annual revenue figure of US$31 million. In the coming year, the startup can also aim to triple the amount of daily transactions it has now. It new feature, Lo- xe is all set for launch with the new funds injected, giving the startup an opportunity to get inside the competitive ride- hailing market of Vietnam.
An impressive growth has been noted in its on- demand delivery service call LoShip as well. Within a year the users grew to 200,000 from a mere 5,000 at its launch. Two million views per month has been hit in terms of website traffic which is four times the original 500,000.
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