# Entity Plan: Mira

Vertical ERP for Vietnamese F&B chains and multi-outlet retail — narrowed from the generic "ERP for Vietnamese SMEs" framing because Vietnamese SME ERP is dominated by MISA + Sapo + KiotViet, but **multi-outlet F&B and retail chains** are an underserved high-pain sub-segment where current tooling is fragmented (separate POS + inventory + accounting + payroll + supplier ordering systems).

Y1 launch with a sector-anchored wedge that lets the entity compete on integration depth rather than feature breadth against entrenched horizontal players.

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## Identity

| Field | Value |
|---|---|
| Entity name | Mira Pte Ltd + Mira Vietnam Co. Ltd |
| Group | TS Ventures (sub-cluster: Vertical SaaS) |
| Target launch | Year 1, Q3 |
| Mechanism | Greenfield |
| Tier (D17) | Tier 2 (provisional — depends on SOE-adjacent customer mix) |
| Legal structure | Singapore HoldCo + Vietnam OpCo per D1 |
| Vietnamese majority required | No |

---

## Mission and Wedge

**Mission:** Be the single operating system for Vietnamese multi-outlet F&B and retail chains — replacing the fragmented stack of point-of-sale + inventory + accounting + payroll + supplier ordering + customer loyalty with one integrated platform.

**Specific customer wedge:** Vietnamese F&B chains (coffee, restaurants, fast-casual) and multi-outlet retail with **5–50 outlets** — the segment where:
- Outlet count is large enough that fragmented spreadsheet-style ops break down
- Outlet count is small enough that enterprise ERP (SAP, Oracle) is overkill and over-priced
- Sector dynamics (perishable inventory, daily cash reconciliation, central-kitchen-to-outlet supply chain, shift-based labor) demand vertical specialization

Avoid (in Y1–Y2): general manufacturing ERP (MISA, FAST owns this; commodity), enterprise (>500 outlets — SAP Business One territory), single-outlet small business (KiotViet owns this).

**Why now:**
- Vietnamese F&B chains scaling rapidly post-COVID; many at 10–30 outlets and struggling with operational visibility
- Multi-outlet retail consolidation (e.g., Pharmacity, Long Chau, FPT Shop) creating mid-tier players in the wedge
- PDPD pressure on customer-loyalty data adds operational compliance burden
- AI-augmented demand forecasting becoming usable (less waste, better stocking)
- Vietnamese mobile-payment penetration enables tight POS + payment integration

**Why us:**
- TS Block / TS Pay integration (Y2+) lets Mira bundle payment processing — meaningful revenue and customer-stickiness leverage
- TS Tech Consulting customer flow as feeder for larger F&B/retail customers
- TS Intel-powered demand forecasting as differentiator
- Shared Services back-office means lower operating cost than standalone competitors

---

## Market and Competition

**Total addressable market (Vietnam):**
- Vietnamese F&B chains: ~30,000 outlets across ~1,500 chains in the 5–50 outlet range. ~$300–500M ARR addressable for ERP-grade software at $200–800/outlet/month
- Vietnamese multi-outlet retail (non-F&B): another ~20,000 outlets across ~800 chains; ~$200–350M ARR addressable
- Combined TAM ~$500–850M, growing 18–25% per year as chains professionalize

**Serviceable obtainable market (5-year):** $15–30M ARR realistic

**Named competitors:**

| Competitor | Stage | Strength | Weakness | Differentiation |
|---|---|---|---|---|
| **KiotViet** | Dominant Vietnamese POS for SMB | Massive customer base, brand recognition | Single-outlet DNA; weak multi-outlet consolidation, no real ERP | Multi-outlet specialization, true ERP depth |
| **Sapo** | Vietnamese SME omnichannel | Decent integrations, e-commerce strong | Retail-led, weak F&B sector knowledge | F&B vertical depth + multi-outlet management |
| **MISA SME, FastWork** | Vietnamese SME ERP/accounting | Accounting-led | Weak operational/POS integration | Operations-first design |
| **iPOS, CukCuk by MISA** | F&B-specific POS | F&B-aware POS | Single-product, no real ERP layer | Full ERP not just POS |
| **SAP Business One, Oracle NetSuite via VARs** | International ERPs in Vietnam | Powerful, scalable | $50K+/outlet implementations, slow, expensive | 80% of value at 20% of cost |
| **Custom-built internal systems** (the real competitor) | Status quo | Already there, tuned to needs | High maintenance cost, no upgrades, no integrations | Off-the-shelf at lower TCO |

**Macro trends supporting:**
- Vietnamese F&B chain consolidation (top 50 chains growing share)
- Mobile payment penetration (>70% by 2025) enables tight POS + wallet integration
- AI forecasting demand becoming credible (Vietnamese chain operators face daily waste)
- Cross-border franchise expansion (Vietnamese chains expanding into Cambodia, Laos, Indonesia)
- Decree 53 + PDPD pushes loyalty-data operations into proper systems

---

## Customer Strategy

**Ideal Customer Profile (ICP):**
- 5–50 outlets across Vietnam
- F&B (coffee, fast-casual, restaurants) or specialty retail
- $5–50M annual revenue
- Active growth phase (opening 2+ outlets/year)
- Current stack is fragmented (3+ vendor systems)

**First 10 customer targets (Q3 Y1 – Q1 Y2):**

Anchor customer is the gating condition for Y1 Q3 launch.

1. **Highlands Coffee** (50+ outlets but mid-tier vs anchor reference) — anchor target if achievable; otherwise a 10–20 outlet specialty coffee chain
2. **The Coffee House** — similar scale anchor
3. **Phuc Long** — coffee + tea chain
4. **Cong Caphe, Trung Nguyen Legend cafes** — mid-tier specialty
5. **Pizza 4P's** (regional, ~25 outlets) — F&B mid-tier
6. **Mỳ Quảng Ếch, Bún Cá Đo, regional specialty chains** — 8–20 outlets each
7. **Long Châu, Pharmacity outlets in 5–50 range** — pharmacy retail
8. **FPT Long Chau ecosystem accounts** (TS Tech Consulting cross-sell)
9. **Multi-outlet salon/beauty chains** (e.g., 30Shine)
10. **Mid-tier convenience chains** (Bach Hoa Xanh smaller franchisees, regional players)

**Customer acquisition motion:**
- **Y1 Q3–Q4**: Direct founder-led outreach for anchor customer + 5–10 design partners (low/no-cost during build phase)
- **Y2**: First AE; F&B trade-association partnerships; conference sponsorships (Vietnam F&B Summit)
- **Y3+**: Sales by industry vertical; channel partnerships with F&B equipment suppliers, real-estate operators

**Pricing model:**
- **Per-outlet/month**: $200–800/outlet (tier depending on modules)
- **Implementation**: $5–25K one-time per chain
- **Payment-processing rev share** (post TS Pay integration): bps on transactions, mutual referral revenue with TS Block
- **AI demand-forecasting premium**: $100–300/outlet/month add-on

**Customer wedge gate (D18):** 1 signed anchor customer (5+ outlets, paying or LOI) + 3 paying design-partner pilots before Q3 launch.

---

## Capital and Cap Table

**Founder injection at incorporation:** $300K USD

**External round at incorporation:** $1–1.5M pre-seed from Vietnamese VC at ~$5M post-money

**Strategic anchor (if applicable):** Optional — a Vietnamese F&B operator (e.g., Coffee House founder, Pizza 4P's leadership) as advisor + small angel check carries significant brand weight in the sector.

**Cap table at launch (post pre-seed):**

| Stakeholder | Allocation | Notes |
|---|---|---|
| TS Holdings Pte Ltd | 60% | Slightly reduced from 85% standard to attract sector-experienced operator-CEO |
| Operator-CEO + founding team | 18% | Includes operator-CEO at 12–15% + technical co-founder at 3–6% |
| ESOP pool | 12% | Per D3 |
| External pre-seed investors | 10% | At ~$5M post-money |

**Performance milestones tied to capital:**
- **6 months**: Anchor customer + 3 design partners live; $10K MRR
- **12 months**: 8–15 paying chains, $50K MRR; second module shipped (beyond POS+inventory)
- **18 months**: 25+ chains, $150K MRR; Series A motion
- **24 months**: Series A raised; $400K+ MRR; TS Pay integration live

**Capital gate (D18):** Pre-seed term sheet signed; founder $300K committed.

---

## Operator-CEO Profile

**Required experience:**
- 8+ years in Vietnamese F&B operations, retail tech, or vertical SaaS
- Has operated a F&B chain OR built F&B/retail software at scale
- Strong product DNA + customer-discovery muscle (vertical SaaS demands deep customer understanding)
- Vietnamese national; F&B sector network

**Likely sourcing channels:**
- Former product leaders at KiotViet, Sapo, MISA who understand SMB retail
- Operations VPs at scaling F&B chains (Highlands, Coffee House, Phuc Long, Pizza 4P's, Golden Gate)
- Founders of failed F&B/retail tech startups (post-mortem founders make strong operators in adjacent space)
- iPOS / CukCuk by MISA senior PMs

**Compensation model:** Founder-shareholder variant — 12–15% operator equity essential.

**Reports to:** Founder directly.

**CEO gate (D18):** Named candidate identified by Y1 Q1; CIR engagement Q1–Q2 (paid retainer building anchor-customer pipeline + design-partner cohort); offer signed Q2; launch Q3.

---

## Founding Team

**First 8 hires (Y1 Q2–Y2 Q1):**

| Role | When | Comp (USD) | Notes |
|---|---|---|---|
| Operator-CEO | Y1 Q2 | $80–110K + 12–15% | Hired pre-launch |
| CTO / Founding Engineer | Y1 Q2 | $55–85K + 3–6% | Critical for vertical SaaS depth |
| Engineer × 2 | Y1 Q3 | $30–50K each + ESOP | POS + inventory module |
| Design partner success / Implementation lead | Y1 Q3 | $30–45K + ESOP | Onboarding pilots |
| Sales lead | Y1 Q4 | $30–50K + commission + ESOP | Pipeline build |
| Customer Success | Y2 Q1 | $25–40K + ESOP | Retention |
| AI/ML Engineer (forecasting) | Y2 Q1 | $40–60K + ESOP | Differentiation feature |

**Headcount trajectory:** Y1 end: 6–8 · Y2: 18–25 · Y3: 40–60 · Y5: 100–150

---

## Product / Tech Strategy

**MVP scope (6 months post-launch):**
- Multi-outlet POS (transactions, basic SKU tracking)
- Central inventory + outlet inventory sync
- Daily cash reconciliation
- Basic supplier ordering
- Shift scheduling (light)
- Multi-outlet dashboards for HQ visibility

**Wave 2 (12 months):**
- Accounting integration (Vietnamese tax-compliant)
- Customer loyalty (PDPD-compliant)
- AI demand forecasting (TS Intel partnership)
- Supplier marketplace
- TS Pay integration

**Core IP we build:**
- Multi-outlet inventory engine (Vietnamese supplier dynamics, central-kitchen-to-outlet logic)
- Vietnamese tax/VAT calculation engine
- F&B-specific operational analytics
- AI demand forecasting (with TS Intel collaboration)

**Build vs buy:**
- POS hardware: partner (use existing receipt printers, customer-display units, payment terminals)
- Payment processing: TS Pay (Y2+); Stripe / VNPay before TS Pay live
- Accounting export: integrate to MISA, FAST, Vietnamese accounting standards
- AI/ML: TS Intel partnership Y2+; OpenAI APIs initially

**Technical risks:**
- **Hardware compatibility hell** — Vietnamese F&B outlets use varied POS hardware; we must support major brands without owning the hardware
- **Vietnamese tax-compliance bugs** — VAT, F&B-specific tax rules, electronic invoicing (Decree 123) all have intricate rules; bugs are very visible

---

## Go-to-Market

**Sales motion:**
- Y1: Direct founder + operator-CEO; design-partner pilot model (low/no cost during build)
- Y2: First AE; reference selling using anchor + design partners
- Y3+: Industry-vertical sales (F&B specialist, retail specialist)

**Channel strategy:**
- F&B trade-association partnerships (Vietnam F&B Association, regional chapter chairs)
- Real-estate operator partnerships (mall operators recommend Mira to tenants)
- F&B equipment suppliers (cross-referral)

**Anchor customer strategy:**
- Single named anchor customer (target Highlands or Coffee House) = single biggest GTM lever; willing to give 12-month free use in exchange
- 3 named design partners (smaller chains, paying nominal fee)

**Marketing approach:**
- TS Media content on F&B operations, multi-outlet management
- Vietnamese F&B Summit speaking slot
- Case studies built around outlet-level economics improvement
- Tradeshow presence (HORECA Vietnam, Vietnam Foodexpo)

**Cross-sell within TS portfolio:**
- TS Pay integration (Y2+) — mutual referral
- TS People HRIS for outlet staff management
- TS Technology Consulting for digital-transformation projects above Mira scope
- WarehouseOS (Y3) for central-kitchen / warehouse operations of larger chains

---

## Milestones

| Horizon | Target |
|---|---|
| 90 days | Anchor customer LOI + 3 design partners onboarded; MVP development in progress |
| 6 months | MVP live; anchor + 3 design partners operating; $10K MRR |
| 12 months | 8–15 paying chains, $50K MRR; Wave 2 modules shipping |
| 18 months | 25+ chains, $150K MRR; Series A motion; TS Pay integration design |
| 24 months | Series A raised; $400K+ MRR; AI forecasting live; first cross-border chain customer (Cambodia/Laos) |
| 36 months | $1M+ MRR; 80+ chains; international expansion candidate (Indonesia, Thailand via TS Indonesia/Thailand sub-holdings) |

---

## Risks (Top 3)

1. **Anchor customer dependency** — losing the anchor customer in first 18 months kills credibility for the next 30 customers. Anchor-customer relationship is essential and fragile.
   - **Mitigation:** Founder personal relationship with anchor leadership; service-level commitment with executive review monthly; design partnership terms favorable to anchor; identify 2nd anchor as redundancy.

2. **Vertical SaaS scope creep** — F&B + retail are different verticals; trying to serve both poorly is the trap.
   - **Mitigation:** Y1–Y2 F&B exclusively; retail expansion only when F&B repeatable; vertical separation possible (retail module as TS Retail spin-out Y5+).

3. **KiotViet aggressive response** — KiotViet is the entrenched Vietnamese SMB POS leader with $20M+ raised; if we threaten their multi-outlet upmarket motion, expected aggressive response (pricing, M&A defense, lobbying).
   - **Mitigation:** Multi-outlet focus avoids head-on with single-outlet KiotViet positioning; vertical depth on F&B/retail that KiotViet can't match without significant rebuild; build technical moat (forecasting AI, central-kitchen logic).

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## Cross-portfolio synergies

**Customer flow (Mira → other TS entities):**
- TS Pay (Y2+) — payment integration for Mira customers
- TS People — HRIS for chain HQ + outlet staff
- WarehouseOS — central kitchens for F&B chains
- TS Land — real estate / outlet expansion management (Y3+ adjacency)

**Customer flow (other TS entities → Mira):**
- TS Technology Consulting (transformation projects revealing ERP gaps in mid-market chains)
- TS Block customers consuming payments for retail flows

**Shared infrastructure consumed:**
- Shared Services cost-plus 8%
- TS Brand & IP license
- TS Intel AI capabilities (forecasting)
- TS Pay (Y2+)

**Shared infrastructure provided:**
- Anchor customer for TS Pay launch (significant transaction volume)
- F&B sector intelligence usable by TS Land (real estate trends), TS Block (payment patterns)

---

## Tier-specific requirements (Tier 2 provisional)

- [ ] Vietnamese-citizen Người đại diện theo pháp luật
- [ ] D&O insurance Vietnamese carrier
- [ ] Independent Compliance Officer (PDPD relevant for loyalty data)
- [ ] Office space — independent
- [ ] Banking — Tier 2 (Techcombank or VPBank)
- [ ] PDPD compliance — customer loyalty data + employee data

Provisional Tier 2 designation; reassessed Y1 end. Likely stays Tier 2 because customer chains often have minor SOE-adjacent ownership (Vingroup retail, government-affiliated F&B) creating some compliance load.

---

## Exit / outcome scenarios

| Scenario | Probability | Outcome | Timeline |
|---|---|---|---|
| **IPO success** (Vietnamese or Singapore) | 5–10% | $150–400M valuation at $20M+ ARR | Y6–Y8 |
| **Strategic sale to international vertical SaaS** (Toast, Lightspeed, Square regional expansion) | 15–25% | $80–200M at $10M+ MRR | Y4–Y6 |
| **Strategic sale to Vietnamese conglomerate** (Vingroup, Masan, FPT) | 15–20% | $50–150M | Y4–Y6 |
| **Sustained portfolio entity** | 30–40% | $3–6M ARR; cash-generative | Y3+ |
| **Stall** | 15–25% | Sub-scale; consolidation candidate | Y3–Y5 |
| **Fail** | 10–15% | Wind-down; F&B vertical insights absorbed elsewhere | Y2–Y3 |

**5-year valuation target (75th percentile):** $30–70M

**8-year valuation target (75th percentile):** $100–250M

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## Dependencies and gating

**External dependencies before incorporation:**
- Operator-CEO offer signed
- Pre-seed term sheet signed
- 1 anchor customer LOI + 3 design partners committed
- CTO / founding tech co-founder committed

**Internal dependencies:**
- Shared Services capacity
- Banking ready

**Decision gate (per D18):**
- [ ] CEO gate
- [ ] Customer gate: anchor LOI + 3 design partners
- [ ] Capital gate: $300K + pre-seed term sheet
- [ ] Capacity gate

---

## Related documents

- [../aggressive-8-year-growth-plan.md](../aggressive-8-year-growth-plan.md)
- [../operator-ceo-recruiting.md](../operator-ceo-recruiting.md)
- [../government-customer-compliance.md](../government-customer-compliance.md)
- [../../notes/decisions.md](../../notes/decisions.md) — D1, D3, D5, D17, D18