Vietnamese e-commerce platform Tiki set to raise US$100 million
Vietnamese e-commerce platform Tiki is raising another US$100 million from a Northstar Group-led funding round.
The deal, reported by Dealstreet Asia, was initially aiming for $75 million, but has been scaled up with support from Tiki’s current Korean backers, and may pull in as much as $150 million if certain KPIs are met.
Tiki is now Vietnam’s second-largest e-commerce player after Shopee. It attracted a $44 million investment from Chinese industry partner JD early last year, and recently extended its national logistics operations in partnership with Vietnamese firm Unidepot.
“Supply chain is a billion-dollar industry in Vietnam with surprisingly rapid growth,” said Tiki CEO Tran Thai Son. “However, Vietnam’s supply chain has not achieved its peak efficiency. For example, for an order worth [100,000] dong, logistics costs can be up to [25,000] dong.”
Tiki’s infrastructural investments have seen the firm accumulate losses of around VND1 trillion ($43.3 million) over recent years.