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Vietnam’s next unicorn Lozi targets $31mln revenue in 2020, eyes global expansion

Compiled by Xuan Thinh Tuesday | 03/24/2020 15:22

Photo: AsiaTechDaily

Vietnamese startup Lozi, a fastest-growing tech firm which operates the No.1 hyperlocal e-commerce platform providing one-hour-delivery services called Loship, plans 2020 revenue of $31 million and an expansion beyond Vietnam.

The company which has attracted attentions from several foreign investors aims to triple service transactions in the next 12 months to around 150,000 transactions daily, bringing in revenue of $31 million this year, Nguyen Hoang Trung, co-founder and CEO of Lozi told an interview with AsiaTechDaily.

“We will be looking out for further investments to foster our business growth and global expansion. We are currently working on our next Series C funding round, which is set to close by the first half of second quarter this year, Trung said.

The company is giving priority to focus on the domestic market, meanwhile regional expansion is part of its strategic plans in the long run. Laos and Cambodia should be must-win markets, he added.

Having been raising funds since 2015, the Lozi’s co-founder has met and discussed with over 100 investors in Vietnam and the region. The company announced the closing of a new funding round led by South Korea’s Smilegate Investment. It is also very near to the next Series C, where more and more investors are participating in the journey.

Earlier, Lozi secured investment from several investors, including Vietnam Silicon Valley, Golden Gate Venture, DT&Investment, and Hana Financial Group.

From food delivery, the tech firm quickly expanded to other services categories, including fresh groceries, ride-hailing, laundry services pickup, medicine, courier, flowers, and even pet stuff, by building a sustainable network of more than 50,000 drivers and 190,000 merchants, serving almost 1,500,000 customers across the country.

► Vietnam’s e-commerce market to surpass $17 billion in 2023

Source: AsiatechDaily

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