Than did not disclose the sum of the investment, but said that a 50 per cent equity investment into YangonD2D.com has been completed to provide funding and technological know-how to power the company to expand its current fleet and develop in-house ‘last mile’ logistics services targeting e-commerce.
The funding will be used to expand the service to the cities of Mandalay and Nay Pyi Taw in addition to the commercial capital of Yangon. More than 50 restaurants participate in YangonD2D’s service, which allows for cash to be paid on delivery.
YangonD2D processes around 4,000 orders per month and although the majority of its client base are expats, an increasing number of locals are starting to utilise the time-saving conveniences of the service.
The environmentally-friendly delivery service incurs a minimal fee, can be scheduled in advance and is available 12 hours a day, seven days a week.
The website recently underwent a revamp as a result of the investment and now features user-friendly interface and an easy to navigate design, as well as a host of new restaurants, features and mobile apps.
“I think that Myanmar’s online food delivery business will grow exponentially in the coming years, particularly as the traffic isn’t getting any better. With BOD Tech’s expertise in customer deliveries through its flymya.com and shopmyar.com businesses, YangonD2D is a great fit,” said Than in a press statement.
Founded in October 2013 by Egyptian expat Shady Ramadan, YangonD2D revenue is expected to top US$1 million in 2016. In February this year, YangonD2D and its founder were featured on BBC’s Capital series as one of Myanmar’s most exciting and innovative tech startups.
The centralised food delivery service website has no rivals at the moment, with tech innovation still in the emerging phases in Myanmar. Change for Myanmar began to come about in 2011, with Western sanctions easing and foreign telcos Ooreedoo and Telenor arriving on the scene.
Foreign investment, which has reached US$8 billion, and newly-minted tech infrastructure are two key pillars in the foundation for Myanmar’s infantile startup ecosystem. Accelerator programmes started arising more and more, with the latest ones including Phandeeyar, a Yangon-based innovation lab founded in 2014, and TechUp Accelerator programme, a programme run by a Singapore-based private education institution Lithan which aims to accelerate the development of tech startups in Myanmar.