Tiki founder and CEO Tran Ngoc Thai Son
Vietnam’s leading e-commerce company Tiki has completed a US$258 million fifth funding round (Series E) led by global insurance giant AIA.
Investors, including Mirae Asset-Naver Asia Growth Fund, Taiwan Mobile, Yuanta Fund and STIC Investments, participated in the round.
In October, DealStreetAsia reported that Tiki had raised US$146 million in the second tranche of its Series E round. Before that, Tiki had received US$130 million led by Singapore-headquartered private equity firm Northstar Group.
Also Read: How Vietnam’s e-commerce firm Tiki manages to keep employee churn rate healthy
Tiki will use the fresh money to strengthen its logistics business and invest in ‘make in Vietnam’ technologies.
It will also collaborate with AIA to develop an insurtech platform offering insurance products and financial services for the customers. The project will be officially kicked off upon the launch of AIA’s health insurance products on Tiki, tentatively by the end of this December. With this solution in place, customers will be able to consult insurance offers and make insurance claims directly right on the platform.
Tiki is an e-commerce marketplace and supply chain company that operates several business units. Its products include TikiNOW Smart Logistics, an integrated supply chain platform, and Tiki Trading, a retail subsidiary.
The firm claims its fresh grocery delivery service TikiNGON saw y-o-y growth of 2,000 per cent, while its super fast delivery subscription service TikiNOW 2H tripled its active user base. TikiPRO, the scheduled delivery and installation service, also saw a 150 per cent increase in gross merchandise volume y-o-y.
“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’s market leadership and work together with our partner, Tiki,” said Wayne Besant, CEO of AIA Vietnam.
Also Read: How AI is helping Tiki address price hike, fraud, product quality issues during the outbreak
“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.
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Image Credit: Tiki
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