Out of groceries? Mio's got your back. This social commerce startup helps people in small cities and rural areas get their fresh groceries fast. Oh, and it just raised an $8M Series A!

• It operates in Vietnam's capital and nearby provinces and cities, focusing on Tier 2 and 3 cities.
• It delivers over 10,000 items a day, and the value of its transactions (GMV) has increased by 50x in the last year.

Who cashed in? The round was led by Jungle Ventures. Patamar Capital, Golden Gate Ventures, Venturra, Hustle Fund, iSEED SEA, Oliver Jung and Gokul Rajaram also cashed in.

⚙️  How it works

With their app, you can view and order grocery staples like fruits, veggies and meat. As you refer more people to group-buy items with you, you'll get perks like free shipping and discounts.

Reseller network. It's powered by reseller agents, who are usually women that want who supplement their low household income. (#GirlPower). They pool orders together and receive them in batches for distribution.

• They're happy to get orders through their social circles and social media since the groceries are value-for-money.
• They can make up to $400 a month through a 10% commission on each order and the performance of other resellers they refer.
• Mio has grown its reseller network 10x in the last seven months.

Logistics. If you live outside of the metro, it can take days for deliveries to arrive— even the essentials. With Mio's logistics and supply chain network, produce goes from the farm to your family in just 16 hours. (Now that's fresh! 👨🏼‍🌾)

• Mio handles nearly everything from procurement and warehousing to sorting and delivery.

💰  What's with the $$$?

It's doubling down on its logistics and supply chain to speed up delivery and lower costs. It'll also be adding FMCG (like toiletries and packaged food) and household appliances.

• It hopes to expand to ten cities and fulfill 100,000 orders a day by the end of the year.