Vietnam’s e-commerce company Tiki expects to close an upsized Series E funding round soon after receiving strong investor interest, a top executive said.
“We have closed the first tranche [of the Series E round] and are looking to close the round shortly,” Tiki group president and CFO Richard Trieu Pham said on Wednesday at the Asia PE-VC Summit 2021.
The round was oversubscribed, he added.
DealStreetAsia had earlier reported Tiki’s plans to raise $150-200 million in its Series E funding round. In July, the firm was understood to have secured the first close of its Series E round at around $100 million.
Tiki had bagged $20 million from Taiwan Mobile as part of the same round in August. The funding gave the Taiwanese telecom operator a 2.7% stake in Tiki Global, a Singapore-registered holding entity of the Vietnamese firm, and valued the startup at $740 million.
Tiki had earlier bagged about $60 million from Hong Kong-headquartered insurer AIA as part of the Series E round. As part of a strategic partnership, Tiki has also added AIA’s insurance products— beginning with health and life insurance solutions — to its e-commerce site’s offerings.
Tiki’s other investors include private equity firm Northstar, JD.com, CyberAgent Capital, Sumitomo Corporation, Korea Investment Partners and EDB Investments.
Tiki, which competes with Alibaba-owned Lazada and NYSE-listed Sea’s unit Shopee in the local market, is also mulling an overseas listing.
“We are at the size where it makes sense for us to explore the opportunity to access the international capital markets,” Pham said.
He indicated the company is likely to list in the US since its capital markets offer the most liquidity.
“We are looking to invest more in our logistics capabilities to deliver new categories such as groceries… Offline to online is something that we have been building on with our partners and we will continue to push to make sure that we create a seamless offline-online experience for our customers,” Pham said.