Vietnam-based Tiki raises $258M ahead of US IPO
E-commerce company Tiki raised $258 million in its Series E funding round led by AIA Insurance ahead of its US IPO. The round also saw participation from UBS London Branch, Mirae Asset-Naver Asia Growth Fund, and Taiwan Mobile Co, along with existing investor STIC GIGF.
“This shows the belief of the global capital markets in Vietnam’s growth and potential,” said Tiki CEO Tran Ngoc Thai Son.
Founded in 2010 by Son, Ho Chi Minh City-based Tiki began with the founder delivering English books on his motorbike. Today, the startup deploys drivers on motorbikes in cities from Ho Chi Minh City to Danang and Hanoi to deliver packages as fast as 2 hours after order placement. It is currently trying out 30-minute and 1-hour deliveries.
The capital raised will be used to improve the company’s logistical functioning – which will include the introduction of artificial intelligence and robotics to manage inventory, orders, and deliveries as per Son.
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