The service which allows restaurants to optimize their table vacancy during off-peak periods while offering users discounts, is already present in Malaysia, Singapore and Thailand.
It raised around $1 million from Shanghai-based venture capital firm Gobi Partners and Malaysian Cradle Fund after an year of inception.
Foody and Lozi pin the places for their audience, and Vietnammm is a food delivery service, while Offpeak is a transaction platform, which Nguyen compared to Agoda in the hospitality industry.
The discount purchasing model is well-known in Vietnam with Hotdeal.vn, Muachung.vn and several similar websites, which offer high discount rates for meals at restaurants; with users buying vouchers.
With Offpeak, diners reserve their tables for free and pay money to the restaurants at a discounted price. “There are not a lot of table booking apps in Vietnam. Services like Pasgo or Table Now are still new, so there is room for us to grow the business here,” he said.
“The modern life of Vietnamese people is a mix of traditional cuisines and foreign dishes, thus the eating-out culture is becoming more common. I believe the young, tech savvy population will realize Offpeak can be a part of their daily life,” said Nguyen.
“There are winners for each vertical, like Airbnb and Agoda for hospitality, Uber and Grab for transportation, and Offpeak is for the leading position in this F&B niche,” he added.
The funding that Offpeak has got will help cement its position and grow the base of users. “Gobi Partners is one of the most active, professional investors at the moment,” said Nguyen.
Offpeak was one of the quickest investments that Gobi Partners closed with a startup, he further added.
In February, the Chinese early stage investment fund bagged its first transaction in Vietnam, investing $500,000 in crowdsourced tour provider Triip.me. With over $311 million fund raised, Gobi has made investments in over 140 companies.