Rino, a Vietnamese rapid commerce business, has received US $3 million in pre-seed funding from Global Founders Capital, Sequoia Capital India, Venturra Discovery, and Saison Capital.
Rino plans to utilise the capital to speed up the implementation of its 10-minute fast delivery plan by opening hundreds of “dark shops,” which are retail distribution centres or warehouses that only serve online customers.
A chunk of the money will go toward developing Rino’s logistics units, which will begin in Ho Chi Minh City.
Rino was founded in 2022 by CEO Trung Thanh Nguyen, who previously worked as the COO of Beamin Vietnam and the Head of Grab Vietnam’s Two-Wheel business.
The business targets the final mile of the supermarket industry, seeking to deliver fast and dependable items “at the touch of a button.”
Rino fulfils fresh food and shopping orders in 10 minutes, as opposed to current local platforms, which might take 30 minutes to 48 hours. This is made feasible by the company’s inventory and procurement system, which works directly with suppliers and includes dark shops.
These dark businesses, operated by Rino, are positioned in densely populated residential areas so that delivery staff may collect purchases within minutes after purchase and deliver to multiple houses on a single trip.
“The quick commerce landscape has benefitted from permanent gains as consumers of all demographics continue to rely on e-commerce options even after COVID-19 lockdowns taper off,” said Chris Sirise, partner at Saison Capital.
Quick commerce is gaining traction in Southeast Asia, particularly in Indonesia, where startups like Bananas, Astro, and RaRa Delivery have recently received venture capital financing.
Vietnam’s US $108 billion retail industry, according to a McKinsey assessment, is the fastest-growing in Southeast Asia and is ready for significant modernization. However, delivery and logistics are a concern.