Being a supply chain merchant typically implies patching together various ways of keeping in touch with buyers, including emails, text messages and paper invoices. Tinvio wants to streamline the procedure with an interaction and commerce platform designed especially for handling orders. The Singapore-based start-up announced today that it has raised $5.5 million in seed funding, led by Sequoia Capital India’s Rise early-stage accelerator program, with involvement from International Creators Capital and Partech Partners.
In addition to a pre-seed round from Rocket Internet, this brings Tinvio’s overall raised so far to $6.5 million. The start-up was established in July 2019 by Ajay Gopal, who formerly operated at Rocket Internet in Berlin. Before that, he was a fintech investment lender at Credit Suisse.
Considering that releasing, Tinvio’s customer base has actually grown to over 1,000 organisations in more than 10 cities. Over the next 12 months, it prepares to add more languages and cities, in addition to digital monetary services.
Tinvio is targeted at small-to mid-sized merchants, and much of its clients are in the food and beverage (F&B), retail and health care supply markets.
“At its core, Tinvio is a real-time messaging app. For every single 10 orders placed on Tinvio, there’s approximately two messages sent out, reinforcing that interaction is vital in fragmented supply chains,” Gopal informed TechCrunch.
One of Tinvio’s selling points is that merchants can continue to get orders through their existing channels, including sms, e-mail or whatsapp. By consolidating those orders in one app, Tinvio is also able to create a real-time digital journal, making it easier for merchants to track invoices, satisfaction and financial resources.
During the COVID-19 pandemic, order volumes in between merchants and suppliers on Tinvio have actually fallen about 30% to 50% in many cities, Gopal stated, “though retention rates stay high, suggesting that lots of companies are attempting their best to stay open. We talk with them frequently, and we’re quite blown away by their durability to keep trying, keep finding a method to make it work.”
He included, “Our tech is created to be totally customizable, so we’ve begun naturally supporting a lot of their brand-new usage cases.”
Some food and drink merchants have started utilizing Tinvio to manage group orders with customers instead. Because many organisations have released personnel, this indicates merchants have become more reliant on the app to monitor orders and inbound/outbound shipments. Tinvio has actually begun expanding this into a new feature and likewise started personalizing soft-integrations for providers so they don’t need to by hand include data to their ERP software.
Two weeks ago, Tinvio likewise launched a task called Save Our Nomnoms to help direct more orders to food and beverage merchants in Singapore, which is currently under partial lockdown. The task begun with 40 brands, and has given that grown to consist of more than 300 brands.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.