China’s JD.com Investment today announced that it will become one of Tiki’s largest shareholders after its strategic investment in Vietnam’s leading B2C e-commerce platform.
Under the plan, JD will partner with Tiki in a range of areas including merchandising, cross-border trade, logistics, technology, financing, and operational capabilities.
Son Tran, Tiki’s founder and CEO, said that, “We are delighted to partner with JD.com, China’s most trusted online retailer, as we enter a new phase of growth.”
“JD and Tiki share the same business philosophy: to win market share by winning consumers’ hearts. Since inception, Tiki has always focused on providing best-in-class, authentic shopping experience and amazingly fast delivery. We believe that JD.com, with its proven track record in superior user experience, procurement, logistics, and technology will be an invaluable asset for Tiki as we work to become Vietnam’s top e-commerce platform,” he said.
JD launched its Indonesian business in 2015 and formed a joint venture with Central Group in Thailand in 2017. With its investment in Tiki, JD adds Vietnam to its growing presence in Southeast Asia. JD’s latest move is aimed to battle the increasing presence of Alibaba and Amazon in the regional market.
JD.com is both the largest e-commerce company in China and the largest Chinese retailer by revenue.
Before JD.com, Tiki received investments from VNG, Seedcom, Sumitomo, and CyberAgent Ventures to fuel its growth. According to Statista, the value of the Vietnamese e-commerce market reached $2.1 billion in 2017, up 16.7 per cent year-on-year. The market value is expected to reach $3.7 billion in 2020.
Source: Thanh Van