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Sendo raised US $ 61 million in Series C, and foreign investors held 61% of the capital

Friday 22, 11 2019
According to Tech in Asia, e-commerce site Sendo has raised $ 61 million in Series C rounds, making it the largest ever mobilization of Sendo.
Sendo raised US $ 61 million in Series C, and foreign investors held 61% of the capital
According to the announcement, this time round of capital mobilization in addition to the old shareholders such as SBI Group, Beenos, SoftBank Ventures Asia, Daiwa PI Partners, and Digital Garage, there are also new shareholders such as EV Growth and Kasikornbank of Thailand. Earlier, Sendo raised $ 51 million in Series B from Japan's giant financial institution SBI Group in August 2018. Currently, FPT Corporation still holds capital at Sendo but is not the controlling shareholder.

According to the data we have obtained, after this round of funding, foreign investors have held 61.1% of Sendo's charter capital.
According to CEO and Co founder Sendo Tran Hai Linh, the company plans to use the raised capital to expand the integration platform for both sellers and customers, invest in artificial intelligence and machine learning to improve the customer experience.

Mr. Linh said that although the company reached its target of $ 1 billion in gross merchandise value (GMV) per year earlier than expected, Sendo continued to focus on sustainable GMV growth through consumer engagement.

Sendo's ecosystem will integrate services such as e-commerce, advertising, logistics and financial services to ensure that revenue will come from multiple sources. That is the company's strategy and the way to make profits for the company, CEO Sendo said.

About Sendo, in September 2012, launched consumers, originally an e-commerce project developed by FPT Online Services Joint Stock Company (FPT Online). On May 13, 2014, Sen Do Technology Joint Stock Company was established, under FPT Group, which is the owner of Sen Do Super Market. Unlike other e-commerce sites, Sendo focuses mainly on secondary cities, where 70 million people are concentrated in Vietnam, instead of only focusing on two big cities, Hanoi and Ho Chi Minh City.

Sendo operates both B2C (business to consumer) and C2C (consumer-to-consumer) models. The platform currently serves more than 300,000 sellers, 10 million buyers, and is focusing on developing it more broadly outside major cities. About two thirds of Sendo's orders are placed in cities outside the two big cities of Hanoi and Ho Chi Minh City. According to iPrice data, in terms of monthly web traffic, Sendo ranked fourth among e-commerce sites in Vietnam in the second quarter of 2019, after Shopee, Tiki and Lazada.

Share with young people at the seminar "Journey from 0 to 1 - Lessons in the first 5 years of breaking the wave" organized by "Community of Management and Entrepreneurship" recently, FPT Chairman Truong Gia Binh said the value of Sendo would approach $ 1 billion but he did not support the policy of burning money. "Electronics is a gamble that starts with 10 million USD, which will rise to hundred million USD if you play it better and will eventually reach billion USD. That’s what electronics is. Have Uber and Grab ever stopped? You should get down to Earth a little to gain something wonderful!”

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