Tiki, a Vietnam-based online marketplace backed by corporates CyberAgent, JD.com, Sumitomo and VNG, has raised $130m in funding, DealStreetAsia reported today, citing people privy to the matter.
The round is reportedly being led by private equity firm Northstar Group and included undisclosed existing backers along with an unnamed Asian private investor. It may be extended to $150m if additional investors express interest in participating.
Founded in 2010, Tiki operates an e-commerce platform primarily targeting consumers in urban areas of Vietnam such as Ho Chi Minh City and Hanoi. It will use the fresh funding to expand nationally and launch new services such as grocery delivery.
The round comes just a few weeks after Tiki reportedly agreed to merge with competitor Sendo, though the transaction remains under review by regulator the National Competition Committee.
The company raised $100m in a funding round led by Northstar in June 2019 featuring existing backers including Korea Investment Partners, STIC Investments and Sparklabs Ventures. It is unclear whether today’s announcement represents an extension of that round.
Internet group VNG and e-commerce firm JD.com had supplied a reported $44m for Tiki in early 2018, following a $16.7m investment by VNG two years earlier.
Diversified conglomerate Sumitomo provided between $1m and $2m for the company in 2013, the year after CyberAgent Capital, the subsidiary of internet company CyberAgent then known as CyberAgent Ventures, invested an undisclosed amount. Its shareholders also include Seedcom and EDBI.
