Vietnam-based e-commerce platform Tiki has secured an undisclosed amount of funding from a consortium co-led by online retailer JD.com and internet group VNG, Reuters reported yesterday.
JD has become one of the largest shareholders in Tiki following its investment. Vietnamese media sources reported the round as being approximately $44m in size in November 2017, but the companies have not confirmed the figure.
Founded in 2010, Tiki originally launched as an online book retailer but then expanded its range to consumer goods such as electronics and lifestyle products.
JD’s investment is part of a strategic push across Southeast Asia, and the corporate plans to draw on Tiki’s warehousing, delivery and payment processing services as it looks to expand in the region.
VNG had previously paid $17m for a 38% stake in Tiki in 2016, after diversified conglomerate Sumitomo made an investment reportedly sized between $1m and $2m in 2013.
Internet company CyberAgent invested an undisclosed amount in Tiki in 2012 through its corporate venturing subsidiary, CyberAgent Ventures, following an undisclosed amount of seed funding provided by incubator Seedcom.