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Ho Chi Minh City Hall (left) and Vincom Towers (center), Ho Chi Minh City, Vietnam. Image credit: David_Bokuchava / iStock

Brief: Vietnam’s Tiki raises $258m in AIA-led round after e-grocery business grows 2,000%

November 12, 2021

Why it matters:

Tiki — which is reportedly exploring an IPO in the US in 2022 or 2023 — said it recently reached 20 million registered users on its platform.

It also claimed that its TikiNgon fresh e-grocery business had grown 2,000% year-on-year in Q3 2021, while TikiNow memberships grew 3x over the same period.

It saw a massive boost in users during the early days of the Covid-19 pandemic, particularly in the fresh food delivery segment, Bloomberg reports.

Founder and CEO Tran Ngoc Thai Son told Bloomberg that the Series E capital will be invested in logistics, including artificial intelligence and robotics to manage inventory, orders, and deliveries.

“This shows the belief of the global capital markets in Vietnam’s growth and potential,” he said.

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