Previously, Sen Do secured investment from FPT Corporation, SBI Holdings of Japan, eContect Asia, BEENEXT and BEENOS.

Executive Chairman and Co-Founder of Sen Do Nguyen Dac Viet Dung said the newly-raised funding would help the company carry out its business development plans, such as the launch of SenMall – a new electronic commerce platform.

It also plans to turn Senpay digital wallet into a leading financial technology (FinTech) platform in Vietnam.

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Photo for illustration. Source: thesaigontimes.vn

The company has been on its track to surpass USD 1 billion in merchandise sales through online platform by 2020, as the annual figure stands at USD 330 million, Dung added.

Daniel Kang, Partner and Managing Director of SoftBank Ventures Korea, said Vietnam’s economy is being driven by strong growth in gross domestic product, young population and willingness to adopt technology. He voiced his belief that as the country’s e-commerce holds tremendous potential, Sen Do’s business model will strongly benefit from that.

Launched in 2012, the company currently owns sendo.vn, one of the largest e-commerce platforms of Vietnam. The website offers about 10 million products from 300,000 sellers, attracting millions of customers across the country.

Source: VNA