The local technology company VNG reduces its ownership in Tiki from around 29% to 24%, while JD holds about 26%
The popular Vietnamese e-commerce platform Tiki now has a new major shareholder. In fact, JD.com, the Chinese e-commerce platform that rivals Alibaba, has become the largest shareholder, demonstrating its strong commitment to one of the fastest-growing e-commerce markets in Southeast Asia.
Tiki’s previous major shareholder was VNG Corporation, the only technological unicorn in Vietnam that invested a total of $ 22.4 million in Tiki from 2017. According to VNG’s latest semi-annual financial report, published at the end of July, VNG holds only 24.4% of ownership in Tiki instead of the previous 28.8%.
According to information obtained on Vietnam’s national business registration portal, JD.com currently holds a 25.65% ownership in Tiki, having made a previous investment in Tiki in January 2018.
Tiki has become the second e-commerce platform in Vietnam for traffic
Founded in 2010 as an online bookseller – similar to how Amazon started – Tiki has become the second-largest e-commerce platform in Vietnam for traffic, according to the latest statistics of market research firm iPrice. Reportedly, Tiki sought to raise up to $ 100 million in the funding round to keep pace in fierce competition with Lazada and Shopee.
In a previous interview with KrAsia, Tiki’s corporate director, Kartick Narayan, had stated that the company is open to “all possibilities” when it comes to new scenarios.