Vietnamese e-commerce company Tiki has secured US$258 million in its latest funding round led by AIA Insurance.
The series E round was also joined by other investors including Mirae Asset-Naver Asia Growth Fund and Taiwan Mobile, Yuanta Fund and STIC Investments. After the funding, the e-commerce firm is estimated to be valued at US$1 billion.
According founder and CEO of Tiki, Tran Ngoc Thai Son, the fund will be mainly invested into its Vietnam facilities, and told Bloomberg the business is also eyeing IPO debut in the US in a year’s time – earlier than it initially planned, which was in 2025.
The company’s revenue is expected to grow 40 to 50 per cent in the next few years, Son said.
Founded in 2010 as an online platform for books, Tiki has grown into a popular marketplace in Vietnam, competing directly with other e-commerce giants such as Lazada and Shopee. According to a report by Facebook and Bain & Co, the Vietnamese online retail market is estimated to reach US$12 billion this year and US$56 billion by 2026.