7/26/2023 0 Comments Baseball bookkeeping app![]() Having an online storefront also helps prepare retailers for other COVID-19 outbreaks and maintain relationships with their customers.īukuWarung, a fintech for Indonesian MSMEs, scores $60M Series A led by Valar and Goodwaterįor example, SoBanHang has a strategic partnership with Viettel, the largest telecommunications company in Vietnam. The retailers are small enough that their customers can just message them orders, but SoBanHang makes the process smoother and enables them to sell more. ![]() SoBanHang can be used for all kinds of retailers, but during the COVID-19 outbreak, it’s seen the most adoption from food and convenience stores. Many of SoBanHang’s clients previously managed most of their transactions on paper and didn’t have a point-of-sale system or laptop, so the app is the first time they have digitized their operations. This eliminates the need for SoBanHang to have complex logistics or payment systems, or for merchants to use third-party delivery apps that charge high commission fees. When they connect with buyers, they can make that order transaction, and then retailers deliver the goods themselves and collect the money at the customer’s doorstep,” said Hai. The buyers and sellers are actually within walking distance. “That was our second aha moment about the retailers, which is that they are selling to customers in their neighborhoods. In fact, businesses on SoBanHang often perform their own deliveries on foot.īukuKas gets $50M from investors including DoorDash’s Gokul Rajaram and TransferWise founder Taavet Hinrikus Many are very local, serving customers within a couple kilometers. Based on SoBanHang’s research, there are about 16 million “nano” to microsized businesses in Vietnam. Hai and his brothers started working on a digital bookkeeping app to help businesses digitize their operations, but when the outbreak and lockdowns hit, it became imperative to help them start selling online immediately. “The systems are still way too complex for them.” “And they asked ‘Where is the wallet? How can I withdraw money to a bank account if I don’t have a bank account?’ That was an aha moment, when I realized that a lot of e-commerce platforms are still not touchable to about 90% of retailers in Vietnam,” said Hai. Hai explained that the customer would hand cash to the rider, who would then give it to Shoppe and, in turn, Shopee would deposit it into the store owner’s digital wallet. Since the majority of e-commerce orders in Vietnam are paid through cash on deliveries, the store’s owners also had questions about payment. Hai Long Bui also spent several years in management at Lazada, before holding the chief analytics and chief technology officer positions at Landers Superstore, a Philippines supermarket chain. Ryan, founder of businesses like Gilt Groupe, Business Insider and MongoDB.īefore launching SoBanHang, Hai Nam Bui founded Datamart Solutions, a data analytics and automation platform, and served leadership roles at Lazada. The company announced today that it has raised $1.5 million in seed funding, with participation from investors including FEBE Ventures, Class 5 and Kevin P. Since launching three months ago, SoBanHang’s “hyperlocal e-commerce enabler” has signed up almost 20,000 merchants, many selling online for the first time. The team held a hackathon and came up with a new product for retailers to create online stores and manage orders. The businesses SoBanHang had been working with, which are often family owned and have less than five employees, struggled to cope. Then a new COVID-19 outbreak hit Vietnam. Called SoBanHang (or “sales book”), it would help businesses that usually rely on paper ledgers digitize their operations, similar to Khatabook in India and BukuKas and BukuWarung in Indonesia. A few months ago, brothers Hai Nam Bui and Hai Long Bui were developing a bookkeeping app for small retailers in Vietnam.
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