Vietnamese C2C portal Sendo raised $51 million led by SBI Group

Tinuku - Ho Chi Minh City-based has just raised US$51 million in series B funding round led by Japanese financial services giant SBI Group. SoftBank Ventures Korea, Beenos, and its sister firm Beenext were among the other investors to take part.

Sendo said it will use the funding to improve its eponymous consumer-to-consumer (C2C) portal, and launch its new business-to-consumer (B2C) marketplace SenMall. The fresh fund will also be dedicated to expanding the reach of its mobile wallet and digital payments platform SenPay.

Tinuku Vietnamese C2C portal Sendo raised $51 million led by SBI Group

Sendo aims to help individual vendors, micro-entrepreneurs and small businesses to sell their goods online, and deliver them cheaply throughout Vietnam. It claims to serve over 300,000 sellers and several million buyers across Vietnam’s 63 provinces.

In particular, Sendo is targeting the country’s second-tier metropolitan areas outside of Hanoi and Ho Chi Minh City, where it claims that about 74 percent of Vietnam’s 95 million people live. The startup said it has hit an annualized gross merchandise volume (GMV) of US$330 million, and expects to surpass US$1 billion in GMV by 2020.

Research from iPrice found that Sendo held around 11 percent of the Vietnamese ecommerce market last year, while Lazada led the field with a 19 percent share. Daiwa PI Partners and SKS Ventures came on board as new investors in this series B round. Previous backers eContext Asia and FPT Group also participated.