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JD.com leads investment in Vietnam-based e-commerce service Tiki

Jon Russell
Updated
BEIJING, CHINA - SEPTEMBER 04: A symbol is set outside JD.com (aka Jingdong Mall, a Chinese electronic commerce company) new headquarters with an area of 280,000 square meters at Yizhuang Economic and Technical Development Area in Daxing District on September 4, 2015 in Beijing, China. (Photo by VCG/VCG via Getty Images)

JD.com, the Chinese e-commerce firm that rivals Alibaba, has continued its expansion in Southeast Asia with an investment in Vietnam-based Tiki, a seven-year-old online retail service.

JD.com is leading a Series C investment round in Tiki alongside VNG, the Vietnam-based online media and gaming company that is already an investor. The round itself is undisclosed, but TechCrunch understands that it is in the range of around $50 million overall.

The deal sees JD.com become "one of Tiki’s largest shareholders," the companies said. The duo plan to work together to support Tiki on merchandising, cross-border opportunities, logistics, fulfillment, tech and more.

JD.com is aiming to grab a larger share of Southeast Asia's growing opportunity. The region's e-commerce market is predicted to grow to $88 billion by 2025 up from $10.9 billion last year, according to report from Google and Temasek.

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The firm moved into Southeast Asia with an e-commerce service in Indonesia in 2015 and last year it has created an e-commerce and fintech joint-venture in Thailand alongside physical retail giant Central. It also made notable investments: backing ride-hailing startup Go-Jek in Indonesia and Thailand-based regional fashion marketplace Pomelo.

"We are very excited to continue our Southeast Asia expansion with Tiki, a company that has a deep understanding of Vietnam and a reputation for outstanding customer service," said JD.com president of international Winston Cheng. "We look forward to working with Tiki to deliver a truly world class e-commerce experience to Vietnamese consumers."