Jum Balea · · 1 min readVietnam’s VNG buys 38% stake in ecommerce platform Tiki for $17m
Internet company VNG Corporation, one of Southeast Asia’s very few unicorns, has bought a 38 percent stake in ecommerce startup Tiki for VND 376.5 billion (US$16.7 million), according to local media reports.
The reports said the deal brought Tiki’s valuation to around VND 1 trillion (US$44.83 million). The transaction was supposedly carried out on May 1.
The ecommerce site offers a range of products, including books, home appliances and furniture, health and fashion items, gadgets, toys, and baby essentials.
VNG, a competitor of Singapore’s Garena, is Vietnam’s first unicorn. It started out as a startup piggybacking on Chinese firm Kingsoft for game licensing. From there on, it built a platform that now includes mobile games, music and video streaming, a chat app, an online payment gateway, and a movie theater booking app.
VNG’s deal with Tiki is one of the largest seen in Vietnam and follows Goldman Sach’s and Standard Chartered Private Equity’s US$28 million series B investment in local fintech startup Momo.
Converted from Vietnamese dong. Rate: US$1 = VND 22,306.49.
Editing by Nivedita Bhattacharjee
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