Singapore-registered Hi-So Co., which runs a food delivery and online shopping platform for restaurant foods, groceries and daily necessities in Myanmar, has bagged a new round of equity investment from a clutch of investors based in Japan, Singapore and Malaysia.
As many as seven investors participated in the round, including Kotaro Tamura, an Asia Fellow at the Milken Institute and a former Senator of Japan.
The fresh investment, which was closed in October 2020, takes place almost 10 months after Hi-So announced a “six-digit funding” from several unnamed individual investors in January.
Also Read: Setting new rules for the food delivery industry in a post-pandemic world
“Unfortunately, the details of the amount raised in this round cannot be disclosed. We just want to mention that this is our second funding this year and we look to continue our growth,” Kenta Takada, Founder and CEO of
Hi-So, told e27.
“We will utilise the funds to carry out various marketing activities and app renovations to further increase the number of users and partner stores,” he added.
Launched in October 2019 by Takada, originally from Japan, Hi-So allows users to order any items from its Hi-So Mall app (available on iOS and Android). Users can also place orders through its website, over the phone, or Facebook.
Hi- So was originally conceived in December 2018 as an on-demand delivery service using bicycles. It added a product purchasing function to its service in October 2019.
Since the launch of the food delivery and online shopping service, the firm claims the number of its monthly deliveries has grown by two-digit on a average. Currently, there are more than 1,200 partner stores on the Hi-So app.
Takada added that since its launch, it has steadily expanded the number of users and partner stores.
Hi-So’s service is currently available only in Yangon, and it plans to expand into other regions in the future.
The company is primarily competing with Yangon Door 2 Door and Food2U in the food delivery sector in Myanmar.
Also Read: Understanding the economics of food delivery platforms
According to Takada, COVID-19 made a huge impact on Myanmar society, and many people are still forced to stay home. “In this situation, as an essential service provider of food, dietary and household products delivery, we have supported the livelihoods of many people affected by the pandemic,” noted Takada.
“Although there is no sign of the end of the COVID-19 crisis, we will continue to provide services that will enrich the lives of people in Myanmar and contribute to the development of Myanmar through the expansion of our business,” he shared.
Hi-So Co. is a spin-off of Hi-So Mall, an e-commerce platform owned by Myanmar’s Htun Khaing International, which was also founded by Takada.
—
Image Credit: Hi-So
The post Ex-Senator of Japan joins Myanmarese food delivery app Hi-So’s new funding round appeared first on e27.