VNG pours 22.5 million USD into a B2B e-commerce platform

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Accordingly, VNG poured 22.5 million USD (equivalent to 510 billion VND) into Telio in the Pre-Series funding round.

Besides VNG, Telio’s Pre-Series B funding round also had the participation of Global Investment Fund GGV Capital and Tiger Global Investment Fund. As of September 2021, Telio has raised a total of 51 million USD

In addition to supporting Telio to enhance development and business expansion, VNG will also accompany Telio in increasing the popularity of Telio booth on Zalo platform according to the strategic cooperation agreement between the two parties, makes it easy for dealers to digitize ordering and tracking activities.

With the number of Zalo users of 64 million people and zalopay e-wallet payment solution, the cooperation between VNG and Telio is expected to give small and medium-sized business households the opportunity to access financial and credit products, supporting business expansion.

It is known that finding domestic startups for investment and long-term companionship has been in VNG’s strategy since mid-2020. Before Telio, VNG also invested in two other start-ups, EcoTruck (belonging to Telio logistics) and Got It (online gift platform) with a value of $3.7 million and $6 million, respectively.

Regarding VNG’s business situation, accumulated for 9 months, VNG’s net revenue and profit after tax reached VND 5,682 billion and VND 203 billion, respectively, up 28% and down 51% compared to the first 9 months of 2020.

The parent company’s shareholder profit reached more than VND 538 billion, down 7% over the same period.

With the number of Zalo users of 64 million people and Zalopay e-wallet payment solution, the cooperation between VNG and Telio is expected to give small and medium-sized business households the opportunity to access financial and credit products, supporting business expansion.

Telio currently serves 35,000 grocery stores in 26 major cities and provinces across the country.

Source: vietnamfinance.vn – Translated by fintel.vn