VNG invests $6m into Vietnamese gifting platform Got It

Vietnam-based internet giant VNG Corporation announced it has invested US$6 million into premium digital gifting voucher platform Got It.

Le Hong Minh, CEO of VNG Corporation / Photo credit: World Economic Forum

Established in 2015, Got It claims its client portfolio is made up of about 500 of the largest multinational and national companies across Vietnam. It provides gifting services through its premium digital loyalty and rewards platform.

With this partnership, Got It and VNG are expected to launch a premium instant person-to-person gifting solution with about 160 brand partners, extending over 12,000 locations nationwide. The deal will also help VNG expand its existing gifting services, business-to-business channels, and merchant networks, especially for the users of Zalo and ZaloPay, both services owned by VNG.

Le Hong Minh, co-founder and CEO of VNG, noted in a statement that since mid-2020, the company has been pushing its “strategy of finding potential startups for long-term investment and companionship.”

This is also the second investment in another local startup by VNG recently. Last December, it had invested 100 billion Vietnamese dong (US$4.4 million) in logistics firm EcoTruck for a 20% stake. The internet giant is also known for its early investment into ecommerce platform Tiki.

VNG is Vietnam’s first tech unicorn, with a valuation estimated to be about US$2.2 billion. It has not released its full-year 2020 results, but its fourth quarter report showed a net loss of about US$9.7 million.

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At a November 2020 event held in Hanoi, Le said the company’s goal is to generate most of its total revenue from the global market in the next three to four years.