Vietnamese unicorn VNG Corporation has invested $6 million in Got It, a local B2B digital gifting platform, according to a statement on Thursday.
The investment will help Got It to boost its AI and P2P gifting in Vietnam, the statement said.
Established in 2015, Got It claims to have a client portfolio of nearly 500 multinational and national companies across Vietnam, and offers loyalty programmes and reward vouchers at over 160 brands, spanning over 12,000 locations nationwide.
VNG will also help Got It to expand its gifting services, B2B channels and merchant network, especially for Zalo and ZaloPay users. In fact, VNG and Got It have partnered since October 2020 to launch online gifting on VNG’s communications platform Zalo.
The future development of Zalo, VNG’s vice president Kelly Wong told DealStreetAsia earlier, will be to expand into business communications, to enable businesses to interact within their organisations and engage with customers.
“Since mid-2020, VNG has been pushing our strategy of finding potential startups for long-term investment and companionship,” VNG CEO and co-founder Le Hong Minh said in the Thursday statement.
By the end of 2020, VNG had investments of 22.27% in e-commerce firm Tiki, 49% in a local media company named Thanh Son and 20% in trucking startup Ecotruck, according to the unicorn’s Q4 2020 financial report.
VNG, which began as a gaming business in 2004, has since then expanded into digital content, social networking, e-commerce, digital payment and recently cloud services.
In 2014, VNG was selected as Vietnam’s first unicorn by the World Startup Report. In March last year, local media had pegged its valuation at $2.2 billion, following an investment by Temasek. Other shareholders in VNG include Goldman Sachs, GIC and two British Virgin Island-domiciled investors.