Internet company VNG has purchased a 38% stake in e-commerce company Tiki, already backed by CyberAgent and Sumitomo, in return for a $16.7m cash injection.
Vietnam-based online retailer Tiki has received ₫377bn ($16.7m) in funding from internet company VNG Corporation in return for a 38% stake, Tech in Asia wrote on Tuesday, citing local media reports.
The deal valued Tiki at approximately $45m and was reportedly completed on May 1.
Founded in 2010, Tiki sells a range of consumer goods such as books, toys, home appliances and furniture on its site.
Tiki previously secured series B funding from conglomerate Sumitomo in 2013. The size of…
