What is KiotViet?
KiotViet is a cloud-based point of sale (POS) software system developed by Citigo Software in Vietnam. It provides comprehensive omnichannel business and management solutions for micro, small, and medium enterprises (MSMEs). The company strives to offer an affordable full-suite software solution including point-of-sale, inventory, CRM, and employee management capabilities to SMBs throughout Vietnam.
Established in 2014, KiotViet has helped digitalize over 100,000 micro businesses and SMEs in Vietnam. It offers a cloud-based POS platform that assists SMEs manage operations and grow their businesses. According to Cao Trong Kim Tri, deputy general director of KiotViet, its software is user friendly and can save businesses up to 40% in operational expenses.
The mPOS software is designed to give merchants access to sales, inventory and customer relationships from their mobile devices. Thanks to its cloud-based technology, it remains accessible even if the internet connection is disrupted or unreliable.
KiotViet, founded in 2014, provides an omnichannel cloud-based POS solution for micro, small, and medium enterprises (SMEs). Their mPOS technology is user friendly and helps SMEs save money by automatically noting low inventory levels and eliminating manual labor.
KiotViet also connects small businesses with suppliers, enabling them to offer more tailored services. With over 110,000 customers on its platform, the company plans to expand operations into Indonesia, the Philippines, and Thailand in the near future.
KiotViet CEO Tran Nguyen Hao announced in a press statement that the firm is dedicated to helping Vietnam’s MSMEs digitize their businesses and boost productivity. Additionally, the company believes its affordable yet innovative products and services will assist SMEs in expanding their operations while stimulating the country’s economy.
KiotViet is currently the largest merchant platform in Vietnam with 110,000 MSME customers. Its recent round of investment was led by global private equity firm KKR and included Singapore-based Jungle Ventures as a new investor.
What is KiotViet’s business model?
KiotViet provides cloud-based point-of-sale software solutions to Vietnamese SMEs, helping drive the digital transformation of this important sector – which accounts for 40% of Vietnam’s economy. It offers affordable full-suite software solutions such as point-of-sale, inventory management, CRM and employee management functions at competitive prices.
Since 2014, KiotViet has helped digitalize 100,000 Vietnamese small and medium enterprises (SMEs). According to Cao Trong Kim Tri, deputy general director at Citigo Software – the company behind KiotViet – their end-to-end platform increases efficiency and generates up to 40% operational cost savings for SMEs.
KiotViet, one of the world’s largest private equity firms, announced today that KKR, one of the world’s largest private equity firms, will serve as lead investor in a $45 million Series B funding round led by Jungle Ventures and Kasikorn Bank. This funding will enable the Vietnamese startup to expand its operations and diversify its service offerings, according to DealStreetAsia.
KKR’s investment is its latest growth technology venture and marks their sixth in Vietnam. According to Shastry Ghosh, Vice Chairman of Global Advisory at KKR, this marks KKR’s commitment to long-term capital and support for high-growth technology companies across Southeast Asia.
KiotViet’s annual growth has been staggering, rising at an impressive 250 percent annually since 2014. Additionally, the platform increased its payroll from 150 to 900 last year.
In addition to its core products, the platform provides KShip shipping service which links customers with suppliers and carriers via an app, helping them deliver goods quickly and efficiently. This app offers various advantages such as convenient payment methods, competitive pricing, and preferential policies for carriers.
What is KiotViet’s technology?
KiotViet, founded in 2014, provides cloud-based POS solutions for small and medium enterprises (SMEs) in Vietnam. Its platform enables retailers to manage inventory, sales, customer and supplier relations more effectively. Already serving over 110,000 MSME clients with plans of reaching 200,000 by 2022.
TechSci Research anticipates the market for cloud services in Vietnam will grow from USD165 million in 2018 to an impressive USD291 million by 2024. Companies like KiotViet strive to provide a complete suite of cloud-based software solutions for Vietnam’s SMEs, which make up a significant part of the country’s economy.
KiotViet provides omnichannel software solutions such as point of sale, inventory management and CRM, plus employee management services. It also has a B2B procurement marketplace and integrated logistics for its merchants along with financial services solutions like payment and lending.
Recently, the startup raised US$45 million in a Series B round led by global investment firm KKR. Existing investors Jungle Ventures, Thailand’s Kasikorn Bank and family office Can Viet May also participated in this round.
KKR is investing in KiotViet as part of their growth technology strategy for Southeast Asia. Through this investment, the company plans to offer more services to small businesses – an essential segment that contributes significantly to the region’s GDP.
KiotViet plans to use the newly raised funds to upgrade its products and services for micro, small, medium-sized enterprises (MSMEs), hire key executives for fintech and business-to-business (B2B) ecommerce, as well as expand into regional and international markets.
KiotViet’s technology is cloud-based and designed for maximum flexibility, including when customers are offline. The system is scalable so merchants can run their businesses on a range of mobile devices such as smartphones and tablets.
What is KiotViet’s vision?
KiotViet aims to become the leading merchant platform for micro, small and medium enterprises (MSMEs) in Vietnam. Through software and financial technologies, they assist entrepreneurs with their business transformation.
Established in 2014, KiotViet is a cloud-based point of sale system developed by Citigo Software that provides omnichannel business and management software solutions for micro businesses and SMEs in Vietnam. According to the company, they serve over 110,000 MSME customers across 63 provinces and cities.
Tran Nguyen Hao and Tri Cao founded Tran Nguyen Hao to offer affordable yet user-friendly software solutions for POS, inventory management, customer relationship and staff management. Their products enable simple data entry and inventory control while giving small businesses real-time insights through automation and real-time insights.
According to a press statement, the company is supported by global private equity firm KKR and its Asian private equity fund. Louis Casey, KKR’s growth technology lead in Southeast Asia, noted that this investment is part of their broader strategy to invest in businesses that enable digitization of small and medium-sized enterprises through software and financial technologies.
KiotViet plans to use this new capital to expand their network across Vietnam, build up their leadership team, and better serve SMEs and microbusinesses in Vietnam. Furthermore, they plan on enhancing their product portfolio with a B2B procurement marketplace and integrated logistical services.
According to Tran Nguyen Hao, founder and CEO of KiotViet, the new capital will also be used for hiring foreign experts in finance and e-commerce. He anticipates that this investment will enable KiotViet to enhance their goods and services as well as expand into international markets.
What is KiotViet’s mission?
KiotViet’s mission is to empower Vietnamese micro, small and medium enterprises (“MSMEs”) through technology, allowing them to run their businesses more efficiently. The company provides cloud-based POS software solutions for MSMEs that include point-of-sale (POS), inventory management, customer relationship management (CRM) and employee management functions at an affordable price point. Recently the startup secured $6 million in series A funding from Singaporean venture capitalist Jungle Ventures as well as Jakarta-based airline and hotel booking service provider Traveloka.
KKR has invested in several rapidly growing technology firms throughout Asia Pacific, such as KiotViet (an e-commerce platform for MSMEs in Vietnam); Yayoi (a software developer and distributor); MYOB (the leading online business management software provider in Australia); dataX (formerly From Scratch), an internet software and services company based in Japan; and NetStars, a QR code payment gateway operator. Furthermore, KKR was also an original investor of CoderSchool – an online coding school which had enrolled 2,000 students and helped over 80% secure jobs at top technology companies after graduation.
