Chinese e-commerce company JD.com has invested US$44 million (VND1 trillion) in Vietnamese online retailer Tiki.vn.
Tiki says it will use the funds for training, optimising deliveries and promoting its express service, TikiNow, reports Vietnamese news service Nhip Cau Dau Tu. The cash injection will also help compete against Alibaba’s Lazada Vietnam and Shoppee Vietnam.
Founded in 2010, Tiki features more than 300,000 products in 12 categories. Last month the startup signed the first deal in Vietnam between a commercial website and an insurance firm. Initially, FWD Life Insurance is offering personal accident insurance policies.
Tiki started as an e-bookstore in 2010 but has since diversified to sell digital devices, appliances, toys and souvenirs.
In May last year, internet content provider VNG Corporation completed a VND383 billion deal to acquire a 38 per cent stake in Tiki.