The lead one is NhomMua.vn, invested in by GroupOn cloner Rebate Networks from Berlin and IDG Ventures Vietnam.

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"The Vietnamese market is where China was ten years ago, " says Henry Nguyen, managing general partner of IDG Ventures Vietnam.

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The two share IDG Ventures of San Francisco as an early backer.

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Only a handful of venture firms, including Helion Ventures, DFJ, Kleiner Perkins, IDG and NEA IndoUS, remain committed to funding startups in India.

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