EI Industrial, a Vietnamese B2B e-commerce platform focused on the industrial sector, has secured US $670,000 in early funding led by Cocoon Capital with participation from Beenext.
The funds will be used to develop a “faster and more user-friendly” technological infrastructure, according to the e-commerce company. In addition, EI Industrial plans to increase its sales, marketing, and technology teams in order to accelerate its growth.
“We founded EI Industrial with the target to help develop Vietnam’s core industry through technology,” said co-founder and CEO An Phi Ho. “Vietnam has been one of the fastest-growing economies in the world in recent years, and small and medium-sized private businesses are the backbone of the economy.”
EI Industrial is a SaaS e-procurement and warehouse management system (WMS) that was launched in 2020 to help manufacturers and construction companies manage their purchasing operations. Its present concentration is on the maintenance, repair, and operation (MRO) and mechanical and electrical (M&E) supply sectors.
On a free-to-use platform, the digital business provides buying officers with a choice of suppliers and discounts, allowing them to digitise and maximise consumer outreach across Vietnam.
For both parties, the startup also ensures proper delivery and payment channel.
“EI Industrial strives to help businesses and vendors improve their productivity and profit margins,” Ho added.
In Vietnam, the platform has 500 clients, including Esquel Group, Heineken, Toshiba, Olam, Aqua, Oishi, Wahl, and Central Group. It also works with over 300 merchants, including Schneider Electric, Bosch, Honeywell, and 3M, to meet the increasing demand.
El Industrial, according to a press release, plans to accept and launch hundreds of online stores for new sellers in 20 existing categories by the end of 2021, with the goal of gaining more than $1 million in stock-keeping units.
SMEs account for 98 percent of all companies in Vietnam, 45 percent of the country’s GDP, and 63 percent of employment, according to the Ministry of Planning and Investment.