(Yicai Global) Jan. 16 -- China’s largest retailer JD.Com Inc. has invested in Vietnamese e-commerce platform Tiki to expand its presence in the Southeast Asian market after moving into Indonesia and Thailand.
The investor announced the news in a statement but did not disclose the financial details of its injection into the firm’s C-round. The investment was a joint effort with Vietnamese game publisher VNG Corp. which led the round, it added.
The Chinese e-tailer has put a strong focus on development in Southeast Asia. It opened a subsidiary in Indonesian capital Jakarta in November 2015 and partnered Thai retail giant Central Group Co. last year, jointly splashing USD500 million to set up local ventures in e-commerce and fintech.
JD.Com’s largest rival, Alibaba Group Holding Ltd., bought a USD1-billion controlling stake in Southeast Asia’s top e-commerce platform Lazada in April 2016. It then injected another USD1 billion last year to taking an 83-percent holding in the Singaporean firm.
Tiki has grown rapidly in Vietnam and covers a broad product range, including consumer electronics, fashion and books. Over the past seven years, its sales have averaged triple-digit growth, three times the industry average, making it the country’s largest business-to-consumer e-commerce site.
The partnership will allow Tiki to sell more international brands locally and ship domestically-made products overseas. The pair will team up in logistics, finance, technology and operation management.