Vietnamese online gaming and technology firm VNG has invested $22.5 million in Telio, a business-to-business (B2B) e-commerce company in its pre-Series B funding round.
|VNG will support Telio in market expansion through the Zalo network
Telio provides an e-commerce platform connecting retailers with brands and wholesalers. So far, Teilo has raised a total of $51 million in additional funds.
Following the investment, VNG will assist Telio in expanding its presence on Zalo's instant messaging network, allowing merchants on Telio to automate order management as part of the strategic investment. With more than 64 million monthly users, Zalo will contribute to promoting the reach of Telio's e-commerce services, especially through the Zalo Official Account (OA) solution. Telio is also the first and only B2B platform to launch a booth on Zalo in October 2020, promoting contactless digital sales with the ability to cover all regions of the country.
Meanwhile, VNG will offer ZaloPay e-wallet services to Telio's network of 35,000 stores in 26 cities and provinces across VIetnam. The comapnies also have plans to offer financial support products to small- and medium-sized businesses in order to help them expand.
VNG's most recent investments in local startups include a $6 million investment in voucher platform Got It and a $4.4 million investment in logistics firm EcoTruck. The investments are part of VNG's long-term strategy announced in mid-2020 to back Vietnamese tech startups.
In December 2019, Telio raised $25 million in a Series A funding round led by Tiger Global , with Sequoia India, GGV Capital, and RTP Global also participating.