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Thursday, June 13, 2024

Rino bags $3 Million in funding for instant grocery delivery in cities across Vietnam

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Rino, a Vietnam-based E-Commerce application recently announced raising a capital equivalent to $3 Million in a pre-seed funding round for instant delivery of groceries over Vietnam.

The operations of the delivery organization are increasing at a speedy pace. The recent investment was funde by Global Founders Capital, Venturra Discovery, Saison Capital, and Sequoia Capital. As per rino 3m series globalshutechcrunch

Rino is a Vietnamese firm headquarter in Ho Chi Min City. It was found in 2022 to deliver various house hold products. The start-up was found by Nguyen Trung Thanh, who was formerly a Chief Operating Officer of Baenim Vietnam and also work in a start-up called GrabBike and GrabExpress.

The start-up works primarily in delivering groceries, food products, confectionery, beverages, dairy products, and various household things. It is know for its fast delivery in the country. Along with food products, they also have expanded their products market in the direction of appliances and tech-related things.

Current Chief Executive Officer Nguyen Trung Thanh, who once work in one of the largest food–delivering startups in the Country say that they need to work on super fast delivery of groceries in Vietnam i.e., in 10 minutes as it is the current need which is not been followed yet. According to him, the company is doing great in the instant delivery of food but not performing up to customers’ needs in the case of groceries, which is a very basic necessity of life.

Technology is for maintaining ease in life and the growing technology can cater to the increased demand of consumers in the case of grocery delivery. For this reason, the start-up officially released the statement about bagging funding equivalent to $3 Million. as per rino 3m series globalshutechcrunch

The founder felt that grocery delivery is slow in Vietnam and the demand has surged since Covid-19 and to serve the upsurging need of people. Now, the company is planning to introduce ten minutes grocery delivery. He believes that there is more demand and none of the competitors up to now can solve that demand as either they are not very good or are very slow. As per rino 3m series globalshutechcrunch

With the help of this funding raised by Rino, the start-up is planning to divide a city among three major centers up to a distance of three kilometers and will cater to the needs of customers by delivery in the promised time i.e., 10 minutes.

There must be a delivery center within the particularly mention radius so that the process will run smoothly for the sake of grocery delivery in such a short period. According to CEO Nguyen Trung Thanh, they will directly purchase the items from suppliers and sell them to the general public with the upcoming concept of then minutes delivery with the opening of various dark stores across the city. Initially, the target market includes the densely populated areas of Vietnam.

There are four major investors of Rino in this deal including Global Founders Capital, Sequoia Capital, Saison Capital, and Venturra Discovery. Global Founders Capital is a venture capital firm based in San Francisco, California, USA.

The current CEO of Global founders Capital is Dhruv Patel. Talking about the other investors, Sequoia Capital is also a venture capital investment company with its headquarters located in the U.S.A.It mainly focuses on early-stage and seed funding.

Saison Capital is an investment funding firm based in Japan who are helping many companies by backing up with early-stage and seed funding to grow their company.

Chris Sirise, the partner, of Saison Capital, expressed his views on the latest seed funding round and said that after the covid-19 pandemic customers become more dependent on E-commerce websites, and for the same purpose, Quick commerce is working. To improve the quick commerce conditions and make it more advance, recent funding of $3 Million has been raise.

He also said that Nguyen Trung is a perfect example of a leader who has a piece of deep knowledge and insight into how to attain the need of his customers and leads the industry and market perfectly. We can say that he is truly inspire by Trung’s leadership skills which he has shown in Grab and Baenim Vietnam.

Talking about the recent funding, this $ 3 Million investment is the only funding the company got since its foundation. The company has four active investors as mentioned above. They got this funding on 9 February 2022 in a multi-investor seed funding round. as per rino 3m series globalshutechcrunch

This ten minutes rapid grocery delivery seems to be very adaptive to people according to the previously introduced thirty minutes delivery. Grocery is a basic household need and has a large customer base relying on E-commerce for its delivery after the covid-10 pandemic. Introducing the same to its customers would turn out advantageous according to the growing needs of the industry.

Read more:- How Did Cresta Raise 50 Million | Loft raises $425 million at a $2.2 billion valuation

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