Shinhan acquires 10 pct stake in Tiki
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South Korea’s Shinhan Financial Group said it has reached an agreement to acquire a 10 percent stake in Vietnam-based e-commerce company Tiki.
The South Korean group said its two units, Shinhan Bank and Shinhan Card, will pick up 7.44 and 2.56 percent stakes in Tiki, respectively. It has invested $90 million in the e-commerce player.
“Based on Shinhan’s financial expertise and Tiki’s database in a broad range of areas, we are expecting to build a new converged digital ecosystem in Vietnam,” a Shinhan representative said in a statement.
The deal was first reported by DealStreetAsia in January, with initial investment of around $40 million.
Founded in 2010, Tiki is the fifth most popular e-commerce site in Vietnam with 17.9 million monthly visitors last year, according to data portal Statista.
It closed the Series E round last November with $258 million, which was led by insurance group AIA. The company has raised about $450.5 million in total, according to Crunchbase.
The round brought Tiki closer to unicorn status, with a valuation of around $832 million.
Shinhan Bank, the largest foreign lender in Vietnam in terms of assets, has around 650,000 users of its online platform, which was launched in 2018.
Questions & Answers
Q.Which specific entities within Shinhan Financial Group are acquiring stakes in Tiki and what are their respective percentages?
Which specific entities within Shinhan Financial Group are acquiring stakes in Tiki and what are their respective percentages?
Shinhan Bank and Shinhan Card, both units of Shinhan Financial Group, are acquiring stakes. Shinhan Bank will pick up a 7.44 percent stake, while Shinhan Card will acquire a 2.56 percent stake.
Q.What is the total investment made by Shinhan Financial Group in Tiki for this acquisition?
What is the total investment made by Shinhan Financial Group in Tiki for this acquisition?
Shinhan Financial Group has invested a total of $90 million in the Vietnamese e-commerce company Tiki. This investment secures their 10 percent stake in the firm.
Q.What was Tiki's approximate valuation after its Series E funding round last November?
What was Tiki's approximate valuation after its Series E funding round last November?
After closing its Series E round last November, Tiki's valuation was estimated to be around $832 million. This funding round, led by insurance group AIA, brought the company closer to unicorn status.
Q.How many monthly visitors did Tiki have last year, making it the fifth most popular e-commerce site in Vietnam?
How many monthly visitors did Tiki have last year, making it the fifth most popular e-commerce site in Vietnam?
According to data portal Statista, Tiki attracted 17.9 million monthly visitors last year. This made it the fifth most popular e-commerce site operating within Vietnam.
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