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Source: Thailand Startup News  Jan 31, 2020

Myanmar Food Delivery Startup Hi-So Secures Six Digit Funding To Expand

Myanmar Food Delivery Startup Hi-So Secures Six Digit Funding To Expand
Source: Thailand Startup News  Jan 31, 2020
Myanmar based food delivery startup, Hi-So Co which is a business  spin-off of Hi-So Mall, an e-commerce platform owned by Myanmar's Htun Khaing International has recently announced major expansion plans.

The Singapore-registered startup which is based in Myanmar  and also owns a food delivery startup under the same brand name in Myanmar, has secured “six-digit funding” from several unnamed individual investors. The amount is almost close to US$1 million.

The startup announced 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.

The novel 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.
Launched in October 2019, Hi-So’s transaction has increased by more than 50 per cent and is its users are increasing by an average of 24 percent per week.

The firm has partnered with over 250 stores in Myanmar and is also planning to open a branch in Cambodia.
For Myanmar, in the food delivery market, Hi-So is pitted against Yangon Door 2 Door and Food2U.

A Hi-So spokesperson told Thailand Startup News via a phone interview. “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 such as 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.

The company 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.