Vietnam's Internet giant VNG acquires 38 pct stake in retailer Tiki: report
VNG Corporation, Vietnam's top provider of Internet content, has completed a VND383-billion (US$17.02 million) deal to acquire a 38 % stake in e-commerce startup Tiki, local media reported on May 16.
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It is the second biggest deal reported among Vietnamese startups, after the US$28 million funding that mobile wallet service MoMo recently received from British-owned Standard Chartered Private Equity and the US's Goldman Sachs.
Founded in 2010, Tiki is often described as Vietnam's Amazon, with around 100,000 products including books and electronics.
It is now backed by Japanese investors Sumitomo Corporation and CyberAgent Ventures, which own a combined stake of 45%.
