Behind Vietnam’s homegrown ecommerce giant

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Hello readers,

I don’t view myself as someone who likes to spend money, so I’ll admit that there was a slight feeling of guilt when I succumbed to the 11.11 frenzy and bought something. (In my defense, it’s something I actually need). It seems ecommerce is truly inescapable, especially in Southeast Asia.

But local ecommerce platforms in the region are fighting hard to thrive alongside industry titans Shopee and Lazada. Vietnam’s Tiki is one of these homegrown champions. The company aims to become the first tech startup from the country that can tap into overseas public markets, namely the US.

But can Tiki eventually join other regional IPO hopefuls and tech stars like Grab and GoTo down the road? That’s something we’ll be closely watching.

Today we look at,

• Tiki’s road to a potential US lisitng
• What EasySend plans to do with its fresh funds
• Other newsy highlights such as Sea Group’s revised revenue guidance for Shopee and Thai Wah Group’s new VC funding arm.

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Lighting the way

Image credit: Timmy Loen

Going for an overseas listing is always a bold move. But with Tiki recently securing US$258 million via its series E round, the Vietnam-based company can take comfort in knowing that it’s nearing unicorn valuation. As such, Tiki appears to have moved things up, so it might go public – possibly in the US – before 2025, which was its initial target.

• In Amazon’s footsteps: Tiki was established in 2010 by Tran Ngoc Thai Son, who currently serves as its CEO. The firm had humble beginnings as an online bookseller – much like US-based behemoth Amazon – but quickly diversified beyond its initial offering. Tiki got off on the right foot too, with its focus on fast deliveries and an obsession with customer service. Today, it sells products across 30 categories with roughly 20 million registered users.

• An untimely distraction: Tiki’s failed merger with local rival Sendo last year could have thrown a spanner in the works. While the deal had the potential to create much synergy, it ultimately fell through, giving Tiki’s rivals time to overtake it in the Vietnamese market.

• A premium addition: Tiki is slated to provide insurance through its own platform starting next month, and it’s banking on its long-standing partnership with insurer AIA Group. The ecommerce player is looking to add more capabilities in this area, such as insurance account management and claims processing.

Read more: Can Tiki light up the overseas IPO torch for Vietnam?

Sending it upwards