Local technology company VNG reduces its ownership in Tiki to 24%, while JD now holds a figure close to 26%
JD.com, the Chinese e-commerce platform that rivals Alibaba, has become the main shareholder of Tiki, a popular Vietnamese e-commerce platform, demonstrating its strong commitment to one of the fastest growing e-commerce markets in the Southeast Asia.
The previous majority shareholder that controlled Tiki was VNG Corporation, the only technological unicorn in Vietnam that invested a total of $ 22.4 million in Tiki from 2017. According to the latest semi-annual financial report, published at the end of July, VNG holds only 24.4% of ownership in Tiki, instead of the previous 28.8%.
According to information obtained on Vietnam‘s national business registration portal, JD.com currently holds a 25.65% ownership in Tiki, having made a previous investment in January 2018. It is not clear, however, if JD.com has done further investments in Tiki since then to become the main shareholder.
Tiki has become the second e-commerce platform in Vietnam for traffic
Founded in 2010 as an online bookstore – similar to how Amazon began – Tiki has become the second-largest e-commerce platform in Vietnam for traffic, according to the latest statistics from market research firm iPrice.
Reportedly, Tiki sought to raise up to $ 100 million in the funding round to keep pace in fierce competition with Lazada and Shopee. In a previous interview with KrAsia, Tiki’s corporate director, Kartick Narayan, stated that the company is open to “all the possibilities” that the market offers.
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