VNG Corporation, Vietnam’s top provider of Internet content, has completed a VND383-billion (US$17.02 million) deal to acquire a 38 percent stake in e-commerce startup Tiki, local media reported on Monday.
The deal, completed in January, has put Tiki’s value at around VND1 trillion ($44.4 million), news website CafeF said, citing a report from VNG.
It is the second biggest deal reported among Vietnamese startups, after the $28 million funding that mobile wallet service MoMo recently received from British-owned Standard Chartered Private Equity and the US’s Goldman Sachs.
Founded in 2010, Tiki is often described as Vietnam’s Amazon, with around 100,000 products including books and electronics. It is now backed by Japanese investors Sumitomo Corporation and CyberAgent Ventures, which own a combined stake of 45 percent.