Hanoi, Vietnam — Southeast Asian data-driven loyalty platform Society Pass Incorporated, also known as SoPa, announced its buyout of Dream Space Trading Company, the operator of Handycart, an online grocery delivery service based in Hanoi, Vietnam. Dream Space will be integrated into SoPa’s F&B delivery vertical with SoPa’s existing merchant software platform HOTTAB.
In addition to the buyout, Handycart Founder and CEO Seo Jun Ho have been named head of the new business unit, managing both Handycart and #HOTTAB in Vietnam.
Handycart, founded recently in 2019, is an online grocery delivery app with its own fleet of delivery vehicles that focuses on the Korean restaurant market and F&B sector in Hanoi. Vietnam has embraced the ‘Korean Wave’; a recent survey by market research firm Q&Me found that 58 per cent of Vietnamese favour Korean cuisine.
Ngo Thi Cham, country general manager of SoPa Vietnam, commented on the strategic step, saying that they are excited to welcome Handycart to the larger SoPa ecosystem which will enable it to harness integrated marketing and technology proposition while also strengthening its collective senior management resources.
“We endeavour to combine the robust technology and operational efficiency of a speciality e-commerce brand like Handycart with our brand-building experience. SoPa has witnessed, with our runaway success of Leflair, in Vietnam, that this move will lead to immediate returns in terms of cost optimization and increased revenue generation. We are determined to increase merchant coverage to 500 restaurants in Hanoi by the end of 2022 and look to expand to HCMC in 3Q 2022,” Cham said.
With Handycart leveraging on SoPa’s integrated technology platform to drive operational efficiencies and business performance, the platform will focus on increasing on-demand grocery shopping services to more consumers in the country, while empowering speciality F&B restaurants to transform business models and further increase reach in online markets.
Seo Jun Ho, CEO of Handycart, said, “Handycart was established in 2019 with a mission of connecting Korean patrons seeking a taste of home through its established network of authentic Korean restaurants right here in Vietnam. Providing businesses with speedy access to authentic Korean products has helped us gather a loyal user base of over 3000 with more than 26,000 orders in 2021 alone. SoPa will now be able to accelerate Handycart’s growth given our well-established positioning as a go-to online grocery delivery service. Partnership with Society Pass will enable us to unlock growth opportunities within the industry and I am glad that Handycart can now avail itself of SoPa’s synergistic ecosystem.”
Vietnam has been one of the fastest-growing economies within SEA over the past two decades. The country’s e-commerce is growing tremendously, valued at 13.2b USD; it is expected to grow steadily from 2021 until 2025.
Recently, SoPa entered the Philippine market with its acquisition of Pushkart.ph as the loyalty platform is an acquisition focused e-commerce holding company with focuses in Vietnam, Indonesia, and the Philippines.