Vietnam’s e-commerce startup Sendo raises $51m in SBI Group-led Series B

Vietnamese online marketplace Sendo Technology, which operates Sendo.vn, has raised a $51 million Series B led by Japan’s SBI Holdings, the startup said in an announcement today.

Other Asian investors that joined the round include SoftBank Ventures Korea, Daiwa PI Partners, SKS Ventures, BEENOS, eContext Asia, FPT Group and Beenext. The latest funding round will see SBI Holdings increasing its ownership in Sendo to 20.8 per cent.

According to a disclosure by Tokyo-listed BEENOS, the funding round is one of the largest rounds raised by a Vietnamese startup.

The fresh capital will be used for Sendo’s expansion into the enterprise segment with a new B2C marketplace, SenMall, and growing its online payment service, SenPay.

The latest funding was first reported by Nikkei Asian Review, which added that the financial backers of Sendo aim to take the e-commerce startup public.

SoftBank Ventures Korea’s partner and managing partner Daniel Kang commented: “Vietnam is at its inflection point, bolstered by rapid GDP growth, young population and willingness to adopt technology. Against this backdrop, Vietnam’s e-commerce has strong growth potential and we believe Sendo’s marketplace model will benefit from the environments the most.”

Founded in 2012, Sendo is one of Vietnam’s fast-growing e-commerce startups, with over 10 million product listings from over 300,000 sellers across 63 Vietnamese provinces.

It targets to grow its merchandise sales to $1 billion in 2020 from the current $330 million, according to Sendo’s executive chairman and co-founder Nguyen Dac Viet Dung.

“The e-commerce market in Vietnam is estimated to be [worth] $2.2 billion in 2017 and it will grow to $30 billion by 2026. BEENOS decided to make additional investment in view of the growth of the e-commerce market and the possibility of value improvement on Sendo’s platform,” said BEENOS president and CEO Shinta Naoi.

Other Southeast Asian companies in BEENOS’ portfolio include Indonesian online marketplaces Tokopedia, and Ralali; Thailand’s Zilingo, Singapore’s Nearex, the Philippines’ Ayannah and Paynamics Technologies.

SBI Holdings, eContext Asia and BEENOS jointly picked up a 33 per cent stake in Sendo in 2014 after making an undisclosed investment. According to Nikkei Asian Review, the funding amount at that time was $18 million.

Also read:

Lazada, Sendo top Vietnam’s e-commerce market in 2014

500 Startups and VIISA lead seed round in Vietnamese SaaS platform Base.vn

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.