Motorbike trading startup Okxe Vietnam raises $5.5 mln

By Ha Thanh August 21, 2020 | 04:55 pm PT

Motorbikes stranded on a street in Hanoi. Photo by VnExpress/Phuong Son.

Motorbike selling platform Okxe Vietnam has raised $5.5 million from six South Korean investors in Series A funding.

The startup said in a statement that it plans to use the money from the group of investors, which include IMM Investment Corp and KB Investment, to fund its expansion.

Okxe Vietnam was introduced in October 2018 to help connect buyers and sellers of used motorbikes via a smartphone app and a website.

CEO Kim WooSeok said that the Vietnamese market has a lot of potential with 45 million motorbikes on the road and most families owning at least two motorbikes.

However, a buyer has to contend with several issues when looking for a used motorbike, such as parts being swapped or having to pay high brokerage, he said.

"This is why we have built a platform to help buyers easily search for and examine used motorbikes," he added.