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As one of the most impressive startups, Shark Tank season 1, when it was contested by 4/5 "sharks", SuperShip made an important strategic shift under the advice of Shark Vuong and just received good news late last month.
At the time of participating in Shark Tank Vietnam season 1 at the end of 2017, SuperShip was a startup that delivered and collected money for online stores, processing about 2,000 orders per day, achieving a growth rate of 10 months per month. -20%, the latest month's revenue is about 1 billion dong.
Immediately, Shark Le Dang Khoa pointed out that in the SuperShip field, big names like Fast Delivery or Ahamove now provide convenient and easy-to-use services, leading to the question of the highlight of SuperShip first. What are the opponents?
"First, I will cooperate with sales solution providers for shops to connect with many shops simultaneously. Secondly, I will replicate this model, providing solutions for traditional delivery units and inner-city units in the provinces that do not have a complete technology solution or model, forming a network of product transportation with partners", said SuperShip CEO Le Thanh Hoai.
Before the investment offered 4/5 "shark taste", Thanh Hoai decided to shake hands with Shark Tran Anh Vuong - who agreed to pour 2 billion VND for 20% of the shares.
The leap after Shark Tank
Under the companionship and advice of Shark Vuong after the program, CEO Le Thanh Hoai changed his business strategy from determining to self-finance to opening a post office to build a network to a franchise model.
SuperShip only needs to select one or a few representatives in each province, then transfer the technology behind them. The order still goes to SuperShip's system, but the franchise post office will deliver.
Thus, SuperShip has two sources of revenue: franchise fee and % of revenue per ship. In addition, due to the need to invest in cooperation capital, the spirit of ownership of partners is also high, helping to ensure service quality and customer care.
Thanh Hoai once told the media that the franchise model helps SuperShip compete in the delivery game. Not only taking advantage of the financial capacity of the whole system and the understanding of the market of local partners, but this model also creates a competitive advantage in terms of cost and delivery time.
SuperShip started implementing the delivery franchise model 2018 with the first 32 partners. A year later, the number of partners increased to 170 with a nationwide network.
In 2020, the company's revenue reached VND 60 billion, double 2019 and about 10 times higher than the figure of VND 7.4 billion in 2017 - the time of participating in Shark Tank. This delivery startup aims to reach 120 billion VND in revenue in 2021, double the previous year.
However, 2020 is also the time when the Covid-19 pandemic affects the entire social life and operations of businesses, notwithstanding SuperShip. Many of the company's partners stopped working because consumer demand and shopping decreased, leading to fewer orders.
"The Covid-19 pandemic also delayed raising capital with foreign funds, affecting the breakthrough growth plan, forcing the company to switch to a backup plan," Thanh Hoai shared with the media in return August 2020.
Overcoming the pandemic, receiving capital from new investors
According to the CEO of SuperShip, since March 2021, the company's sales have decreased by an average of 5% to 10% per month. The number of orders decreased, and the cost of goods transshipment increased, so in August 2021, SuperShip temporarily suspended internal intercity delivery to protect cash flow; many post offices also had to suspend operations.
SuperShip switched to delivering food, essential goods, and medical equipment in isolated areas to maintain operations throughout the epidemic. By October 2021, this startup recovered 92.87% compared to the beginning of the year in March.
During this time, SuperShip has also optimized its business model, becoming the only delivery unit that connects customers from multiple input software (sales management, website, live stream, chatbox ...) with multi-output carriers, in which SuperShip is still the main delivery unit", shared Thanh Hoai.
Around the end of December 2021, SuperShip launched its second capital-raising plan after its success on Shark Tank, calling for VND 25 billion for a 25% stake to conquer more ambitious milestones. According to information on the company's website, SuperShip's goal for the 2023-2024 period is to standardize and optimize sales of over VND 170 billion, aiming for multinational delivery franchising.
On June 30, CEO Le Thanh Hoai announced on his personal Facebook page that SuperShip received VND 4.5 billion from Headway Holding - a company specializing in investment, logistics and technology with more than 20 years of experience in the trade. No other details have been disclosed.
According to recent information on SuperShip's Facebook page, the company has covered the country with more than 300 post offices and agents, more than 150,000 registered users, and millions of orders have been delivered nationwide.
