Tiki, Vietnam’s largest e-commerce website, has closed a US $258 million Series E fundraising round backed by global insurance giant AIA.
Mirae Asset-Naver Asia Growth Fund, Taiwan Mobile, Yuanta Fund, and STIC Investments were among the investors in the round.
Tiki received US $146 million in the second tranche of its Series E investment, according to DealStreetAsia. Tiki had previously obtained US $130 million from Northstar Group, a Singapore-based private equity firm.
Tiki plans to utilise the new funds to expand its logistics company and invest in Vietnamese-made technology.
It will also work with AIA to establish an insurtech platform that would provide users with insurance and financial services. The initiative will be formally launched once AIA’s health insurance products are available on Tiki, which is expected to happen by the end of December. Customers will be able to examine insurance offers and file insurance claims directly on the platform once this solution is implemented.
Tiki is a multi-business e-commerce platform and supply chain management firm. TikiNOW Smart Logistics, an integrated supply chain platform, and Tiki Trading, a retail subsidiary, are two of the company’s offerings.
TikiNGON, the company’s fresh grocery delivery service, grew by 2,000 percent year over year, while TikiNOW 2H, its super-fast delivery subscription service, tripled its active user base. TikiPRO, the planned delivery and installation service, showed a year-over-year gain of 150 percent in gross product sales.
“The US$258 million investment dedicated only to Vietnam proves Tiki’s long-term commitment to building world-class infrastructure — whether they are technologies, supply chain capabilities, talent development, and jobs creation,” said founder and CEO Tran Ngoc Thai Son.
“Together, we will focus on three distinct areas: lifestyle benefits and innovative distribution; distinctive digital health & wellness offerings, and other financial & e-commerce propositions. With Tiki’s existing assets and market leadership, we can bring an accessible and enhanced customer service proposition to make a positive difference in the lives of the people of Việt Nam. We are very excited to extend AIA’s Vietnam market leadership and work together with our partner, Tiki,” said Wayne Besant, CEO of AIA Vietnam.
“We have a very positive outlook for Vietnam’s economy, digital transformation, and e-commerce growth. In particular, as a leading local e-commerce company in Vietnam, Tiki is providing differentiated and valuable services to Vietnamese consumers. Tiki has been improving the credibility and convenience of Vietnam’s e-commerce market through its high-quality products offering and fast and accurate delivery,” said Jikwang Chung, MD, Mirae Asset Capital.
