This is an e-commerce platform developed with the aim of connecting self-employed individuals with brands, thereby expanding the online product distribution network.
According to Techinasia, On – a startup operating in the field of e-commerce (e-commerce) in Vietnam has recently successfully raised $ 1.1 million in a seed round.
On’s seed round was led by venture fund Touchstone Partners. In addition, there is the participation of investment fund ThinkZone Venture. These are all venture capital funds based in Vietnam, with a “taste” for investing in technology startups such as Fintech, Edtech, Logistics,…
Launched in March 2021, On is a platform that allows individuals to market products to their friends and family and earn commissions back based on each transaction. The On platform will handle the entire process, from introduction, processing, fulfillment and delivery.
|Online sales platform On.|
In general, the On platform will help generate income from sales for those who want to do business online. In particular, participants in this online sales network will not need to spend capital to import or store goods.
To make it more convenient for both sellers and buyers, On is also developing a delivery platform called OnDelivery with about 24,000 drivers in the network.
Platform On was founded by Giang Nguyen, a former technology leader at FPT Software. On’s other two co-founders include Dzung Luu (former HR director of ride-hailing company Be) and Minh Nguyen (former CFO Logivan). These are all faces with many years of experience in the startup world.
Online sales platform On currently has more than 10,000 sales associates. The amount that each of these people earns is about 300 USD / month. There are currently a total of about 20,000 different products for sale on the platform.
According to Techinasia, the On platform now plans to use the newly raised funds to expand its presence, providing management services, delivery and capital support for sales associates.
|Before On, in Vietnam, there was a startup with a similar model, the sales collaborator platform Cuccu.vn.|
In essence, On’s business model is not too new in Vietnam. In mid-2021, a similar business model, the sales collaborator platform Cuccu.vn, also attracted great attention at the Shark Tank program.
Cuccu targets students, nursing mothers, office workers and people who want to earn extra income. Participants on this platform will download the Cuccu application and become a sales associate for businesses in need.
This is also a startup that has caused a stir in the online community thanks to its ability to help people sell cloth during the epidemic season. The success of this business model has also been verified when the amount of fabric consumed by Cuccu.vn collaborators is larger than that of well-known e-commerce floors such as Tiki, Sendo.
The appearance of more and more startups in the field of e-commerce such as On or Cuccu is considered a positive signal, bringing competition to the market.
These online sales platforms will also contribute to educating the market, thereby contributing to the digital transformation of traditional business models, bringing the products of farmers and businesses to the Internet environment. .
Vietnam is becoming Asia’s next startup hub
The view that Vietnam is gradually becoming a cradle for innovative startups was recently shared by a seasoned venture capitalist on Bloomberg.