TIẾNG VIỆT Shinhan acquires 10 pct stake in Tiki
A shipper of Tiki. Photo courtesy of the company
The South Korean group said its two units, Shinhan Bank and Shinhan Card, will pick up 7.44 and 2.56 percent stakes in Tiki, respectively.
It has invested $90 million in the e-commerce player, news site DealStreetAsia cited a source familiar with the matter as saying.
"Based on Shinhan’s financial expertise and Tiki’s database in a broad range of areas, we are expecting to build a new converged digital ecosystem in Vietnam," a Shinhan representative said in a statement.
The deal was first reported by DealStreetAsia in January, with initial investment of around $40 million.
Founded in 2010, Tiki is the fifth most popular e-commerce site in Vietnam with 17.9 million monthly visitors last year, according to data portal Statista.
It closed the Series E round last November with $258 million, which was led by insurance group AIA. The company has raised about $450.5 million in total, according to Crunchbase.
The round brought Tiki closer to unicorn status, with a valuation of around $832 million.
Shinhan Bank, the largest foreign lender in Vietnam in terms of assets, has around 650,000 users of its online platform, which was launched in 2018.
Source: VnExpress
