Following the IPO, how will SoPa accelerate the expansion of its ecosystem?

Ngo Thi Cham, CEO of SoPa Vietnam

Thanks to the official IPO and listing on Nasdaq, we expect to collect about $26 million to reinvest in SoPa's ecosystem, with a business investment strategy and expansion into other countries in Southeast Asia this year. The newly created capital will be used to create points of mutual support and an experienced management team to help both companies expand more quickly and improve their quality of service.

With the funds raised from the IPO, we have a plan to expand our platform through the acquisition of e-commerce and mobile application companies in the region. Rapid growth in Vietnam, The Philippines, and Indonesia is being focused on, as well as other new markets such as India and Bangladesh.

Why did SoPa start with Handycart and F&B?

By developing its operations in priority markets, SoPa's strategy targets such deals to acquire companies with high potential. Its online platform operates across five areas, including lifestyle, F&B, travel, commerce software, and data, through six core businesses to connect millions of consumers and thousands of suppliers in Southeast Asia.

The SoPa team on the official IPO day

Vietnam has been one of the fastest-growing economies in Southeast Asia over the past two decades. The country’s e-commerce sector is currently worth $13.2 billion, and growth is expected to continue over the coming years.

Handycart is the group's third acquisition in Vietnam after e-commerce marketplace Leflair and point of sale application #HOTTAB.

What is the main goal for SoPa with Handycart?

SoPa acquired Handycart Vietnam to add more value to its ecosystem and expand development opportunities in the F&B industry. Dream Space Trading Co., Ltd., the operator of Handycart and a leading online company in grocery delivery services, is based in Hanoi. Founded in 2019, Handycart is an online grocery delivery application with its own delivery team, focusing on serving the South Korean restaurant market and the food industry in Hanoi.

When researching and evaluating the market, we found that 58 per cent of Vietnamese people prefer South Korean cuisine. Both the food and popular culture are well received and constantly promoted, making them a growing trend in many localities.

Handycart is officially in SoPa's hands

Following the merger, the Handycart platform will be integrated into SoPa's existing software platform #HOTTAB. It is able to provide businesses with quick access to authentic South Korean products and already has a database of more than 3,000 customers who placed 26,000 orders last year alone.

We can accelerate the development of Handycart by taking full advantage of our connections. Our well-established online grocery delivery service is now able to leverage SoPa's synergistic ecosystem to increase the chances of reaching new users and providing a better experience for existing ones.

Handycart will provide the on-demand grocery shopping service to more consumers around the country and, at the same time, support restaurants with special connection programmes to transform their business models and penetrate deeper into the online market.

Following the investments in Leflair, how will the F&B sector on the SoPa ecosystem be shaped this year?

Under the management of SoPa, everyone can see the outstanding success of Leflair in Vietnam in optimising costs and increasing revenue. Marketing on the SoPa ecosystem allows businesses to access new customer files, helping them to increase brand value after only a short time.

With this new deal, we are determined to increase the coverage to 500 restaurants in Hanoi by the end of the year and look forward to expanding into Ho Chi Minh City in the third quarter.

What additional value does SoPa find in the acquisition of Handycart?

We are very pleased to welcome Handycart to the SoPa ecosystem. At the same time, the merger also helps strengthen human resources management.

Immediately upon the merger, Handycart founder and CEO, Seo Jun Ho, was officially appointed as the new head of sales, managing both Handycart and #HOTTAB in Vietnam. We believe in the value of platforms and people, which also led us to invest in Handycart.