Tiki, one of Vietnam’s earliest e-commerce companies, is looking to invest into fulfillment systems, payments and technology platforms even as it seeks to diversify its product portfolio.
The company is keen to collaborate with different types of investors and partners for future fundraising purposes.
“We continuously partner with thousands of brands, third-party logistics businesses, financial service firms and potential investors (…). We will keep doing that and be very open for collaboration,” the company said in an e-mail response to DEALSTREETASIA when asked to confirm its most recent fundraise.
DEALSTREETASIA reported on February 14 that Tiki was planning to raise up to $60 million in the next funding round.
Responding to this portal, Tiki said, the $50-60 million figure was “inaccurate”. At the same time, the company did not deny the fundraising development.
“Fundraising is what we have been doing for the past seven years to facilitate our growth and re-invest in the business,” said the e-mail statement.
The company claims to be among the few e-commerce platforms that operate large warehouses, covering 10,000 square metres.
To tackle the pain point of delivery services, Tiki aims to increase its capacity of delivery of orders on same day from 25 per cent to 50 per cent. The firm hopes to achieve this target by raising funds in future rounds.
Last year, VNG Corporation acquired a 38 per cent stake at Tiki for $17 million, which valued the e-commerce business at about $45 million.
The overall growth of Vietnam’s e-commerce market currently stands at around 30 per cent and is projected to reach 35 per cent by 2025, three times higher than traditional retail, which is an “investment-worthwhile market”, the email statement said.
Tiki said, it had been enjoying 130-190 per cent growth over the past six years.
Originally, an online book selling platform, the Amazon-like e-commerce startup currently sees electronic products as its best-sellers (42 per cent), followed by books and stationery (29 per cent).