Singapore-registered company Hi-So Co., which owns a food delivery app under the same brand name in Myanmar, has secured “six-digit funding” from several unnamed individual investors.
Hi-So Co. is a spin-off of Hi-So Mall, an e-commerce platform owned by Myanmar’s Htun Khaing International.
Hi-So said in a press release that the money will be used to further accelerate the pace of expansion of transaction volume in the delivery and online shopping market in the country, where the competitive environment is intensifying day by day.
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The Hi-So app allows users to order any items from its Hi-So Mall app (available on iOS and Android). Besides food, Hi-So Mall also sells a variety of products such as vegetables, cosmetics, home appliances, and clothing.
Since launch in October 2019, Hi-So’s transaction has increased by more than 50 per cent.
The firm has partnered with over 200 stores in Myanmar.
In the food delivery market, Hi-So is pitted against Yangon Door 2 Door and Food2U. “We do not consider them as long-term competitors. Our competitors are the companies that have recently entered the market with huge capital and strong business network Grab Food and FoodPanda. However, since we are not an only food delivery company, we believe Shop.com.mm could be our competitor in the future,” a Hi-So spokesperson told e27.
Htun Khaing International was founded by Kenta Takada, a Japanese entrepreneur. After graduating from Meiji University in Japan, he joined the trading company Marubeni Corporation, where he was engaged in automobile trading and business administration. After that, he was stationed in Myanmar in 2016, and after studying Burmese at Yangon University of Foreign Languages, he established Htun Khaing.
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