Tech giant VNG invests $22.5m in business-to-business e-commerce platform Telio

Saturday, Nov 13, 2021 08:49

Telio, the first business-to-business e-commerce platform in Vietnam, got US$22.5 million from tech giant VNG in its pre-series B funding round. — Photo Courtesy of VNG

Tech giant VNG has invested US$22.5 million in Telio, the first business-to-business e-commerce platform in Viet Nam, in its pre-series B funding round.

The money will help Telio provide more comprehensive services to its partners and agencies.

Under the agreement, besides assistance for Telio to grow its business, VNG will also publicise its booth on the Zalo platform.

Last month, Telio’s booth was launched on Zalo, which has more than 64 million monthly users.

Bui Sy Phong, CEO and founder of Telio, said: “Viet Nam’s retail market is seeing big changes with more and more enterprises and retailers adopting IT to improve their business and quality. The co-operation between Telio and VNG will help us provide the most comprehensive services to everyone from manufacturers and brands to retailers and customers.”

Le Hong Minh, co-founder and CEO of VNG, said: “We appreciate the growth potential of Telio and want to co-operate with it to reach new growth milestones.”

Since last year, VNG has been investing in start-ups in the country to build a strong eco-system for IT companies. It invested $3.7 million in logistics start-up Ecotruck and $6 million in gifting platform Got It. — VNS

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