Tiki, a Vietnam-based e-commerce platform backed by corporates Cyberagent, VNG and Sumitomo, is raising between $50m and $60m in series D funding, DealStreetAsia reported yesterday, citing people familiar with the matter.
Founded in 2010, Tiki initially operated chiefly as an online bookseller before diversifying into other consumer goods such as electronics and lifestyle products. It now lists more than 300,000 products for sale to consumers.
Tiki has however been making losses of late, though the company has claimed those were largely due to long-term investments in operational infrastructure, technology and human resources.
Company builder Seedcom provided an undisclosed amount of seed capital for Tiki before internet services group CyberAgent supplied an undisclosed amount of series A funding in 2012 through its corporate venturing arm, CyberAgent Ventures.
Diversfied conglomerate Sumitomo invested an amount reported by Tech in Asia to likely be between $1m and $2m the following year, before internet group VNG paid approximately $17m for a 38% stake in the company in May 2016.
The sources did not divulge possible valuations for the new round, but told DealStreetAsia it is likely to close by the end of 2017.