Nov 08, 2021 / 23:10

Vietnam-based Tiki secures $258 million in series E funding

The Vietnamese e-commerce platform aims to create more jobs through strengthening the supply chain and developing “Make in Vietnam” technology.

Tiki, the Vietnamese all-in-one commerce platform secured US$258 million in series E funding round, led by a global insurance group AIA.

 The Vietnamese startup plans to list in the US by 2025. Photo: Tiki JSC

Other famous investors around the world, such as Mirae Asset-Naver Asia Growth Fund, Taiwan Mobile, Yuanta Fund, and STIC Investments also participated in the round.

With the fresh investment, the company will focus on the Vietnamese market, building infrastructure of technology and supply chain, training human resources and creating more stable jobs, Tran Ngoc Thai Son, Founder and CEO of Tiki said.

Wayne Besant, General Director of AIA Vietnam said: “This unique and unprecedented cooperation in Vietnam between AIA Vietnam and Tiki promises to usher in a new era of individual life insurance.”

Under the 10-year exclusive partnership agreement signed by the two sides in July, AIA Vietnam has become Tiki’s exclusive insurance partner, and the two sides will explore collaboration opportunities to meet the diverse and increasing financial needs of Vietnamese people.

It is expected that by the end of December, customers can buy AIA Vietnam health insurance and use the feature to manage insurance records and submit claims for benefits through this e-commerce platform.

Despite many challenges and fluctuations of the market, especially in the context of the Covid-19 pandemic, Tiki has continuously maintained double-digit growth.

In the third quarter of 2021, the startup recorded breakthrough growth in term of the number of products and services. Specifically, the fresh food delivery service TikiNGON has set a record of about 2,000% growth over the same period last year. 

Investing in logistics and the App-in-App platform is the startup's main strategies this year and upcoming years. In June, Tiki launched an open technology platform Tini App, which enables individuals, enterprises, and tech communities to develop, integrate and deploy their applications directly on Tiki’s platform.

The platform has been equipped with simple and effective frameworks, along with a wide range of necessary APIs in order to develop apps and optimize customer experience on Tiki.

Starting as an online bookstore in 2010, Tiki has become a multi-selection e-commerce platform with TikiNOW Smart Logistics - an integrated supply chain platform, and Tiki Trading - a retail subsidiary.