Delivery startup Loship aspires to NYSE listing
Delivery startup Loship aspires to NYSE listing
Loship offers one-hour deliveries for a large range of products and services, including food, ride-hailing, medicine and B2B supplies. It currently has more than 50,000 shippers and about 200,000 restaurant partners, serving over 1.5 million customers nationwide through about 70,000 transactions daily.
Market-oriented development
CEO and Cofounder of Loship, Nguyen Hoang Trung said he realized that Loship was an inevitable development of his previous venture, Lozi, a review app allowing users to find food, beverage, and coffee shops. In 2017, he founded Loship, one of the few such apps available at that time. The faster the delivery, the greater the opportunities of expanding the market share of such startup, Trung added.
CEO and Cofounder of Loship, Nguyen Hoang Trung |
Apart from offering high quality services, Loship knows its markets well and applies digital technology to increase the number of orders on the same route to increase deliverers’ income, also offering them free vehicle wash, phone service and iced tea and assisting them in personal loan access.
With more than 50,000 deliverers and about 200,000 restaurant partners, serving over 1.5 million customers nationwide, Loship is also looking to gain a foothold in retail supply chains in order to improve services for items that cannot be delivered within one hour, such as household products and appliances.
Continuous investment
Loship has attracted the attention of international investors and aspires to unicorn status in the future. In 2017, Loship received capital from Vietnam Silicon Valley Fund, Golden Gate, and DT & Investment. In 2019, Loship raised tens of millions of US dollars from the Smilegate Foundation. During that period, Hana Group, one of the largest financial groups in Asia, pledged to invest in Loship. In November 2020, Loship attracted another investment from Vulpes Investment Management. In February 2021, Loship announced an investment from Skype Jaan Tallinn through MetaPlanet Holdings.
Loship has attracted the attention of international investors and aspires to unicorn status in the future |
Loship plans to use the funding to increase its presence in five main areas, Ho Chi Minh City, Hanoi, Da Nang, Can Tho and Bien Hoa. Loship plans to expand to many other provinces, invest in technology upgrades, expand its partner system and promote the growth of B2B services.
Loship's goal is to diversify and increase the number of its services from 10 to 15-20 to satisfy diverse customer needs. It has set a target of making a profit within 18-24 months before being listed on the New York Stock Exchange (NYSE) in 2024, said CEO Trung.
| Project 844 on facilitating the national startup ecosystem until 2025 aims to develop the innovative start-up market. The Newspaper of Industry and Trade has been acting as a bridge to support these start-ups, help them expand markets and contribute to their efficiency. |
