Yangon, Myanmar-based food delivery and e-commerce platform Hi-So announced that it has raised an undisclosed amount of funding in a round held in October from investors based in Japan, Singapore, and Malaysia.
Managing director and CEO of Hu-So Kenta Takada was reported to have said that there were seven new investors in the funding round, including ex-senator of Japan, Kotaro Tamura.
Capital raised will be used by Hi-So to support its various marketing efforts as well as in the renovation of its app to further increase its customer base and partner stores.
Launched in December 2018 as an on-demand delivery service provider using bicycles, Hi-So has now extended its services and offers an app (accessible on both iOS and Android) that enables its users to order food, groceries, and daily essentialities in Yangon. It aims to expand its service in more regions in Myanmar in the future. Apart from its mobile app, users can also order through Hi-So’s website and Facebook page.
The startup launched more features in October 2019 and has since claimed that it witnessed total monthly deliveries increase by a two-digit average. It presently has 1,200 partner stores on its platform, consisting mainly of restaurants and grocery stores. Hi-So’s goal is to increase this figure to almost 5,000 next year (2021) and also wants to diversify its offerings by including more stores in other categories such as cosmetics and clothing.
Hi-So is a spin-out of Hi-So Mall, an e-commerce platform owned by Myanmar’s Htun Khaing International. Htun Khaing International was also founded by Hu-So Kenta Takada. Takada is a Myanmar-based entrepreneur and language blogger. He is originally from Osaka, Japan and has been living in Yangon, Myanmar since April 2016. By empowering Asia via his business and social activities, he hopes to achieve his life’s mission of creating a hub of happiness for everyone around him.
Htun Khaing International is an IT company that focuses on providing advertising, marketing, consulting, application development, online media services. It specializes in utilizing Facebook, which has an overwhelming influence in Myanmar and is in charge of marketing, event planning and management of major Japanese companies.
Hu-So Kenta Takada said the Covid-19 epidemic has had a huge effect on Myanmar society, and many people in Myanmar are still forced to stay at their homes. He also added that even though there is no sign of the end of the Covid-19 calamity, the startup will continue to provide services that will enhance the lives of people in Myanmar and contribute to the progress of Myanmar through the expansion of its business.
The startup had previously secured six-digit funding from several investors in January 2020.
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