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Mio raises USD 8 mln in Series A funding round

Tuesday 18 January 2022 12:44 CET | News

Vietnam-based social commerce platform Mio has secured USD 8 mln in Series A funding to expand its fulfilment centre footprint and improve logistics and supply chain capabilities.

Mio is a group buying platform for grocery and fresh produce with next day delivery for Tier 2 and 3 cities in Vietnam. The company aims to drive financial independence for millions of Vietnamese women by democratising entrepreneurship opportunities through its Mio Partner model.

Mio Partners act as resellers who acquire orders from their immediate social circle of friends and family, aggregate, place, and manage orders through the Mio app. In return, Mio partners can make up to USD 400, earning a 10% commission on each order, and additional commissions based on the monthly performance of resellers they referred to the platform. Given that many of Mio Partners are women from smaller towns in Vietnam, this new stream of income has improved their family’s welfare, according to the company.


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Keywords: ecommerce, investment, financial inclusion, delivery, retail, expansion
Categories: Payments & Commerce
Companies:
Countries: Vietnam
This article is part of category

Payments & Commerce