KiotViet, a merchant platform for micro, small and medium enterprises (MSMEs) in Vietnam, and global investment firm KKR announced on Wednesday the signing of definitive agreements under which KKR will participate as the lead investor in the $45 million Series B funding round of KiotViet, with participation from its existing investor Jungle Ventures.

KKR is making its investment in KiotViet from its Asian private equity fund, according to a statement. KiotViet is KKR’s latest growth technology investment and adds to other recent investments including Lenskart, an omnichannel eyewear retailer in India; Adopt A Cow, a digitalized, direct-to-consumer dairy company in China; NetStars, the operator of Japan’s largest QR code payment gateway, and Walnut Programming, a children’s programing education company in China.

“Through KiotViet’s accessible and innovative solutions, we want to help home-grown MSMEs digitalize their businesses, enhance their operational efficiency, as well as unleash their full potential,” KiotViet Chief Executive Officer Hao Tran said. “We are excited to welcome KKR as our new investor and are confident that their extensive experience, strong global network, and deep industry expertise will prove invaluable assets to our company as we embark on the next phase of our growth journey. We would also like to thank Jungle Ventures for their continued commitment in supporting our growth, as well as Kasikorn Bank and Cao Viet My for participating in this Series B funding round.”

KiotViet aims to drive the digital transformation of MSMEs, a key segment that accounts for approximately 40 percent of Vietnam’s economy.

The company delivers software solutions that include point-of-sale, inventory management, customer relationship management, and employee management services to over 110,000 MSME customers. KiotViet has expanded to offer a B2B procurement marketplace and integrated logistics services for its merchants and has plans to leverage its platform to provide financial services solutions such as payments and lending to customers.

“Our investment in KiotViet marks our sixth in Vietnam and is the first made through KKR’s growth technology strategy in Southeast Asia. This milestone reflects our commitment to providing high-growth technology companies–including those at an earlier stage–with long-term capital and value-added support,” said Ashish Shastry, Co-Head of Asia Pacific Private Equity and Head of Southeast Asia at KKR.

“The addition of this new capital will only enable them to provide more services to small businesses, who as a segment are a major contributor to GDP throughout Southeast Asia,” Jungle Ventures Managing Partner David Gowdey said.

KKR is a global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR sponsors investment funds that invest in private equity, credit, real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of The Global Atlantic Financial Group.

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Featured image credits: KiotViet