Vietnam-based ecommerce startup Tiki has secured $240 million funding in Series E round led by AIA Group. the funding round also saw participation from South Korean investment manager Mirae Asset, UBS (London Branch), STIC Investments (Korean private equity firm), and Taiwan Mobile.
AIA Group has invested $60 million in the round, according to data insights from VentureCap Insights. Tiki had entered into a 10-year partnership deal with AIA Group in July 2021 to provide health and life insurance products on the former’s platform.
This deal has pushed Tiki’s valuation to $831.9 million, making it one of the most valuable tech businesses in the country.
This deal has come at a time when South East Asia is experiencing a burst of fundraising deals. With the Covid-19 pandemic fueling the adoption of digital platforms, the investors are scouting for such companies that can capture the boom in this widely populated region.
Founded in 2010 by Son Tran Ngoc Thai, Tiki is an ecommerce platform that specializes in end-to-end supply chain and partnering with brands. It is one of the fastest-growing retail companies in Vietnam.
Tiki.vn is also Vietnam’s most liked B2C ecommerce company. The startup began its journey by selling books online and it expanded later into other categories while offering a marketplace for third-party sellers.
Now, Tiki’s platform offers over 300,000 products across 12 categories including lifestyle, books, and electronics. The company boasts of the highest customer satisfaction rate and lowest return rate across all ecommerce platforms in the country. Tiki has achieved this due to its capability to control the end-to-end supply chain, from partnering with brands to deliver high-quality merchandise to managing warehouse and logistics to processing payments and offering superior customer service.
Tiki has a 500 plus strong team and is backed by investors including Cyber Agents Ventures, Seedcom, VNG Corporation, and Sumitomo Corporation.