Chinese online giant JD has become the largest shareholder in e-commerce platform Tiki Vietnam.
JD has bought a 25.65-per-cent stake in the business, taking its shareholding past that of previous leading investor VNG Corporation, which holds 24.4-per-cent ownership in the platform. VNG has invested US$22.4 million in Tiki over the past two years.
Tiki Vietnam has grown from an online bookstore to Vietnam’s second-largest e-commerce provider in terms of traffic, after rival Shopee.
The firm is reportedly seeking a $100 million investment in its next funding round in order to boost its competitive edge.