Vietnam’s Tiki looks to raise $60m in series D funding

Vietnamese e-commerce major Tiki is looking to raise a series D round of $50-60 million which is expected to close this year, people familiar with the matter, told this portal.

Part of the fundraising is expected to be used to pare its loss, one of the people quoted above added. VNG Corporation, Southeast Asia’s earliest unicorn, invested VND384 billion ($17 million) in the e-commerce startup last year. VNG, which has nearly 2,000 employees, was backed by IDG Ventures and Cyberagent Ventures, which all exited the company. Seen as Vietnamese peer to Garena, it is the leading player in the local gaming industry and also has operations in advertising, social apps and media.

Founded in 2010 as a book selling platform, Tiki had been initially funded by Seedcom, a local venture builder, Cyberagent Ventures and Sumitomo Corporation, before securing the investment from Internet firm VNG.

The Ho Chi Minh City-based corporation holds 38 per cent of Tiki and records the firm as an affiliate company.

Both VNG and Tiki did not comment when asked on the proposed Series D funding.

Tiki has recorded VND255 billion in losses since VNG’s investment until the end of last fiscal, as per local media, which had compiled VNG’s financial statements.

The 38 per cent equity interest in Tiki has resulted in a VND97 billion decline in profit for the Internet major. However, VNG still enjoyed a two-fold increase in its profit in 2016, which touched VND676 billion.

Tran Ngoc Thai Son, CEO of Tiki, had earlier told local media that the loss was recorded because the company had heavily invested in its e-commerce infrastructure, human resources and technology. He was also quoted by local media as stating that the company considered the loss as a “long-term investment”.

Tiki has been expanding its sale portfolio from purely books, and the listing has increased from 100,000 to 300,000 items since VNG’s financing.

Also read:

Vietnamese internet major VNG Corp picks 38% in e-commerce platform Tiki for $17m

Vietnam 2015: E-commerce scene sees shutdowns & failures even as more investors rush in

Vietnam’s small e-commerce players are gearing up to face Alibaba’s big foray

Vietnam 2016: Startups see M&A action from overseas buyers

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.