KKR, a global investment firm, on September 2 announced the signing of definitive agreements with KiotViet, a merchant platform for micro, small and medium enterprises in Vietnam in which KKR will participate as the lead investor in the $45 million Series B funding round of KiotViet, with participation from Jungle Ventures, CVM, and Thailand bank Kasikorn.
According to Hao Tran, CEO of KiotViet, micro, small and medium enterprises (MSMEs) play a vital role in the domestic economy as a driver for Vietnam’s future growth.
“Through KiotViet’s accessible and innovative solutions, we want to help home-grown MSMEs digitalise their businesses, enhance their operational efficiency, as well as unleash their full potential. We are excited to welcome KKR as our new investor and are confident that their extensive experience, strong global network, and deep industry expertise will prove invaluable assets to our company as we embark on the next phase of our growth journey. We would also like to thank Jungle Ventures for their continued commitment in supporting our growth, as well as Kasikorn Bank and CVM for participating in this Series B funding round,” said Hao.
Ashish Shastry, co-head of Asia-Pacific Private Equity and head of Southeast Asia at KKR, said that this investment in KiotViet marks its sixth in Vietnam and is the first made through KKR’s growth technology strategy in Southeast Asia. “This milestone reflects our commitment to providing high-growth technology companies – including those at an earlier stage – with long-term capital and value-added support,” said Shastry.
Jungle Ventures has been working closely with the KiotViet since its original investment in 2019. “The addition of this new capital will enable KiotViet to provide more services to small businesses, who as a segment are a major contributor to GDP throughout Southeast Asia,” said David Gowdey, managing partner of Jungle Ventures.
KiotViet aims to drive the digital transformation of MSMEs, a key segment that accounts for approximately 40 per cent of Vietnam’s economy.
|Free solution for buying goods provided by KiotViet |
The company delivers an affordable, full-suite software solution that includes point-of-sale, inventory management, customer relationship management, and employee management services to over 110,000 MSME customers in Vietnam.
KiotViet has additionally expanded to offer a B2B procurement marketplace and integrated logistics services for its merchants, and has plans to leverage its platform to provide financial services solutions such as payments and lending to customers.