Tiki Valuation, Funding & Investors

Tiki is valued at $832M as of October 2021.

See full Tiki profile

Last Tiki valuation

$832M

Series E · Oct 2021

Last Tiki funding round

$258M

Series E · Oct 2021

Cumulative funding Tiki raised

$470M

across 6 funding rounds

Tiki Overview

About Tiki

Tiki is a Vietnamese e-commerce platform founded in 2010 pioneering the 2-hour delivery model in Vietnam. Offers over 300000 products across diverse categories through an end-to-end supply chain with brand partnerships. Known for efficient logistics infrastructure and strong customer service standards in the Southeast Asian market.


Founded

2010

HQ

VietnamHo Chi Minh City

Website

tiki.vn

Status

Privately held

Customer focus

B2C

Revenue model

Commission

Valuation

$832M (Oct 2021)

Tiki Valuation

Tiki is currently valued at $832M, based on its Series E in October 2021.

The $258M round was led by AIA Group, with participation from STIC Investments, Taiwan Mobile, UBS, Mirae Asset-Naver Asia Growth Fund, Yuanta Investment and 1 other investor.

Tiki's valuation has grown 18x from $45M at its Series C in May 2016 to $832M in October 2021, across 4 priced rounds.

Tiki valuation by funding round

Tiki valuation by funding round
DateStageValuation
Oct 2021Series E$832M
Aug 2021Series E$740M
Nov 2017Series C$180M
May 2016Series C$45M

Tiki Funding History

Tiki has raised a total of $470M across 6 funding rounds.

Tiki's first fundraising round was a $1M Series B in August 2013. The most recent completed round was a $258M Series E in October 2021.

Tiki funding rounds

Tiki funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2021Series EAIA Group (lead); STIC Investments; Taiwan Mobile; UBS; Mirae Asset-Naver Asia Growth Fund; Yuanta Investment; AppWorks$258M$832MTiki is a Vietnam-based e-commerce platform founded in 2010 by Tran Ngoc Thai Son, initially focused on online book sales before expanding into a marketplace offering over 300,000 products across 12 categories including lifestyle, books, and electronics. The company controls its end-to-end supply chain, from brand partnerships and warehousing to logistics, payments, and customer service, achieving the highest customer satisfaction and lowest return rates in Vietnam's e-commerce sector. Tiki has grown rapidly, reaching 20 million registered users, with its TikiNow express delivery service expanding and TikiNgon fresh produce delivery growing 2,000% year-on-year in Q3 2021 amid Covid-19-driven digital adoption. In late 2021, Tiki raised approximately $240-258 million in a Series E funding round led by AIA Group, which invested $60 million, with participation from Mirae Asset-Naver Asia Growth Fund, UBS, STIC Investments, Taiwan Mobile, AppWorks, and Yuanta Financial Holdings, matching the specified investors. This round pushed Tiki's post-money valuation to $831.9 million according to some reports or close to $1 billion per the CEO's statement to Bloomberg, positioning it near unicorn status and as one of Vietnam's most valuable tech firms. The capital is earmarked for logistics enhancements like AI and robotics, 'Make in Vietnam' technologies, and expanding an InsurTech partnership with AIA for health and life insurance products on its platform under a 10-year exclusive deal. Tiki's growth aligns with Vietnam's booming online retail market, projected to reach $12 billion in 2021 and $56 billion by 2026, fueled by pandemic-accelerated e-commerce. Backed by prior investors like JD.com, CyberAgent Ventures, Seedcom, VNG Corporation, and Sumitomo Corporation, Tiki employs over 500 people and is reportedly considering a US IPO in 2022 or 2023. The round followed a June 2021 bond issuance of 1 trillion dong ($44 million) and underscores global investor confidence in Vietnam's digital economy.
Aug 2021Series ENextrans; Taiwan Mobile$20M$740MTiki is Vietnam's largest homegrown e-commerce platform, founded in 2010 as an online bookstore and expanded into a full B2C marketplace offering diversified goods with rapid two-hour delivery, comprehensive logistics, and warehouses in Ho Chi Minh City and Hanoi, earning it the nickname 'Amazon of Vietnam' for superior customer service, delivery speed, and avoidance of counterfeit items. It competes with Shopee (Sea), Lazada (Alibaba), and has attracted investors like JD.com, Northstar Group, Sumitomo, CyberAgent Capital, EDB Investments, and AppWorks. Tiki's ongoing Series E round, started with a $100m first close in July 2021 at a $740m valuation including $60m from AIA, was led by an undisclosed investor and backed by AppWorks, CE Fintech Capital, and Nextrans. Taiwan Mobile invested $20m on August 10, 2021, acquiring a 2.7% stake, marking its first Vietnam investment to leverage Tiki's market position for expansion with subsidiary Momo.com into Southeast Asia's e-commerce, logistics, and 5G opportunities. The round later extended by $136m to a total of $256m with investors like Concord Fortune Group, UBS ($40m), Mirae Asset ($27m including $20m from Mirae Asset-Naver Asia Growth Fund), Naga Global, Stic Investments, and others, with fundraising continuing toward a potential $200m target and planned close soon after. Prior to Series E, Tiki closed a $43m convertible bond in June 2021 at $600m valuation and a $130m round in 2020 led by Northstar Group. In 2021, Tiki restructured by transferring 90.5% stake to Singapore-based Tiki Global Pte Ltd to attract offshore capital via SPACs targeting Southeast Asia. The Vietnamese e-commerce market was projected to grow 34% annually to $29B by 2025 per Google, Temasek, and Bain.
Jun 2020Undisclosed stageNorthstar Group (lead)$130M-Tiki is a Vietnamese e-commerce online marketplace founded to compete in the country's growing digital retail sector against rivals like Lazada, Shopee, and Sendo. In June 2020, it raised $130 million in a funding round led by Singapore-based private equity firm Northstar Group, one of the largest investments in a Vietnamese tech company at the time and the fifth-biggest deal in Southeast Asia in the first half of the year. The round size could potentially increase by an additional $20 million, with Northstar managing $3 billion across over 30 Southeast Asian companies. Tiki differentiates through its nationwide network of order fulfillment centers and TikiNow express delivery service, delivering parcels within two hours, along with free installation for heavy goods. Company executives noted significant growth in customer demand during the COVID-19 pandemic, particularly for masks, hand sanitizers, and necessities, boosting its position in Vietnam's e-commerce market. Despite the large investment, Tiki was described locally as a 'money-burning machine,' having accumulated losses of $60.9 million in the prior year. Tiki had previously received a majority stake investment from China's JD.com and continued attracting foreign capital alongside other platforms like Sendo, which secured $51 million from Japan's SBI Holdings.
Nov 2017Series CJD.com (lead)$44M$180MTiki is a Vietnamese e-commerce platform founded in 2010, initially as an online bookstore before expanding to over 300,000 products across 12 categories including digital devices, appliances, toys, and souvenirs. In November 2017, Tiki raised $44 million from JD.com as part of its Series C round, with JD.com becoming one of its largest shareholders, later revealed to hold around 22-25% stake after subsequent investments. Prior investors included VNG Corporation, which acquired a 38% stake for VND383 billion ($17 million) in May 2016, Sumitomo Group with 30%, and CyberAgent Ventures with 15%. The $44 million investment from JD.com was aimed at enhancing training, delivery optimization, promoting TikiNow express service, and competing against rivals like Lazada and Shopee. As of late 2017, Tiki's total value reached $180 million, an 80-fold increase from five years prior, despite accumulated losses of nearly VND600 billion ($26.43 million) since inception, including VND284 billion ($12.5 million) in 2017 and VND308 billion ($13.56 million) in 2016. JD.com partnered with Tiki on merchandising, cross-border trade, logistics, technology, and operations to expand authentic global brands and support Vietnamese sellers internationally. Tiki positioned itself as a leading B2C e-commerce site in Vietnam, focusing on customer service, fast delivery, and authentic products. By 2019, it was the second-most visited platform with 33.7 million monthly visits. The investment reflected growing foreign interest in Vietnam's e-commerce market, projected to reach $7.5 billion by 2025, amid intense competition from global players like Alibaba-backed Lazada and Sea Group's Shopee.
May 2016Series CVNG (lead)$17M$45MTiki is a Vietnamese e-commerce platform founded in 2010, starting as an online bookstore before expanding into general e-commerce with end-to-end supply chain control, offering over 300,000 products across categories like books, electronics, and lifestyle. In May 2016, VNG invested $17 million for a 38% stake, valuing Tiki at $45 million and making VNG the largest shareholder. The round positioned Tiki amid intense competition from Lazada and Shopee in Vietnam's e-commerce market. Tiki reported losses of VND 380 billion ($16.52 million) over 2016-2017, reflecting high operational costs. VNG later added investments to maintain influence but diluted to 24.6% by mid-2019 as JD.com entered, with VNG eventually writing down its stake to zero.
Aug 2013Series BSumitomo (lead)$1M--

Who has invested in Tiki?

12 investors have backed Tiki across its funding rounds, including Taiwan Mobile, JD.com, Sumitomo, AppWorks, UBS and STIC Investments.

Lead investors include AIA Group, Northstar Group, JD.com, VNG and Sumitomo.


Tiki Investors

Investors in Tiki by funding rounds participated
InvestorHQRoundsRoleFirst check
Taiwan MobileTaiwanTaiwan2ParticipantAug 2021
STIC InvestmentsSouth KoreaSeoul1ParticipantOct 2021
VNGVietnamVietnam1LeadMay 2016
NextransSouth KoreaSeoul1ParticipantAug 2021
JD.comChinaBeijing1LeadNov 2017
Northstar GroupSingaporeSingapore1LeadJun 2020
UBSSwitzerlandZurich1ParticipantOct 2021
AIA GroupHong KongHong Kong1LeadOct 2021
Mirae Asset-Naver Asia Growth FundSouth KoreaSeoul1ParticipantOct 2021
Yuanta InvestmentSouth KoreaSeoul1ParticipantOct 2021

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Acquisitions by Tiki

Tiki has acquired 1 company to date.

Last acquisition by Tiki was on August 21st 2019. Tiki acquired TicketBox for undisclosed valuation.


Latest Acquisitions by Tiki

TicketBox
Description
TicketBox is a Ho Chi Minh City-based online ticketing platform that supports event marketing and sales in Vietnam for concerts, theater, and sports at venues like IDECAF Theater. Winner of HCMC Startup Weekend and Vietnam Demo Day People's Choice, it provides customizable pages, promo codes, and analytics to boost attendance for local promoters.
HQ CountryVietnam
HQ City
Ho Chi Minh City
Deal Date21 Aug 2019
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Tiki Competitors

Tiki competitors include listed companies like Bxn Holding, ASKUL and Hepsiburada, and private ones like Ule, Fanli and Jingtaotao.

Public and private companies comparable to Tiki
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
UleChinaShanghaiPrivate$13M-$830M63.8x
Bxn HoldingChinaChinaPublicly listed$771M$100M$836M0.8x
FanliChinaShanghaiPrivate--$820M-
JingtaotaoChinaShanghaiPrivate--$725M-
ASKULJapanJapanPublicly listed$2.6B($100M)$725M0.3x
HepsiburadaTurkeyTurkeyPublicly listed$1.7B($51M)$957M0.3x

Tiki Public Comps

Tiki is still privately-owned, but its public comps include CEWE Group, Bxn Holding, Chancemate, Boozt, Apotea, Brainbees Solutions, QVC Group, SFC Holdings, WeBuyCars and ASKUL.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CEWE Group$1B$160M0.8x0.9x5.3x5.3x
Bxn Holding$771M$100M0.8x0.8x6.4x6.0x
Chancemate$160M$19M3.7x4.3x30.9x28.1x
Boozt$845M$71M1.1x1.0x13.0x10.3x
Apotea$735M$47M1.1x1.0x17.6x14.3x
Brainbees Solutions$866M$29M1.1x1.0x31.8x23.1x
QVC Group$11B$1.9B0.5x-2.8x-
SFC Holdings$252M$13M2.4x-45.7x-

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Common questions about Tiki

When was Tiki founded?Tiki was founded in 2010.
Where is Tiki headquartered?Tiki is headquartered in Ho Chi Minh City, Vietnam.
Is Tiki publicly listed?No, Tiki is a private, VC-backed company.
What is Tiki's valuation?Tiki was last valued at $832M in its Series E in October 2021.
How much funding has Tiki raised?Tiki has raised $470M across 6 funding rounds.
What was Tiki's last funding round?Tiki's last funding round was a $258M Series E in October 2021, led by AIA Group.
Who are Tiki's investors?Tiki's investors include Taiwan Mobile, STIC Investments, VNG, Nextrans, JD.com, Northstar Group, UBS, AIA Group, Mirae Asset-Naver Asia Growth Fund, Yuanta Investment and 2 others.
Which companies are comparable to Tiki?Companies comparable to Tiki include Ule, Bxn Holding, Fanli, Jingtaotao, ASKUL and Hepsiburada.
How many companies has Tiki acquired?Tiki has acquired 1 company, including TicketBox.

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