Tiki, one of Vietnam’s leading e-commerce companies, is planning on raising $150 ~ $200 million USD in a new funding round which is said to occur within the next three months.
Tiki’s new funding plan was first reported by Deal Street Asia, a financial news website. If successful, Tiki’s funding will be among the highest funding rounds in Vietnam’s technology ecosystem.
Previously, Tiki had raised $130 million USD from Singaporean private equity firm Northstar Group in June 2020, and according to Deal Street Asia, Northstar will be involved in the new funding round.
Last year Tiki had announced that it planned to merge with another e-commerce firm, Sendo, but after some of Tiki’s existing shareholders objected to the terms of the merger, the plan collapsed.
Among Vietnam’s e-commerce websites, Tiki has tried to create a “niche” segment, selling electronics and household appliances on its platforms, and then encouraging buyers to become members of the ‘TikiPro’ service to have their appliances installed and serviced.
Tiki’s financial position has improved over the last two-years. The company recorded losses of $73,700,000 USD (1.7 trillion VND) in 2019, but dramatically improved its position, by posting losses of only $165,00 USD (3.8 billion VND) in 2020.
Spokesmen from Tiki have previously said that the company plans to list its shares on a local stock exchange in 2023, and that the company will expand its services in the market by providing financial services to its customers by 2025.
According to market research from iPrice Group, Tiki is the second most popular e-commerce platform in Vietnam in terms of hits, behind only Shopee. It had 22.3 million monthly visits in the last quarter of 2020.