Vietnam’s VNG Corporation invests $6m in gifting platform Got It

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.

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. 
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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.