Taiwan Mobile, the second-largest mobile operator in Taiwan, has invested $20 million in Tiki's Series E funding round, entering the Vietnamese market.
|Taiwan Mobile will leverage Tiki to enter the Greater Southeast Asia market |
As reported by newswire Taipei Times, the strategic investment is Taiwan Mobile’s first in Vietnam and would help the company and its e-commerce subsidiary, Momo.com Inc., explore potential partners and new growth opportunities beyond its home market.
“The strategic cooperation with Tiki is the company’s first investment in Vietnam. It also marks the company’s first strategic step to make inroads into the country and Greater Southeast Asia markets,” Jamie Lin, president of Taiwan Mobile said.
The company cites a report from Google, Temasek and Bain & Company showing that the e-commerce market in Vietnam is expected to post a compound annual growth rate of 34 per cent to reach $29 billion from last year to 2025.
The deal could pave the way for Momo.com to capitalise on Vietnam's booming e-commerce market as well as leveraging Tiki’s advantages such as market position, warehouses, and logistic system. The companies expect to create synergies in expanding sales and logistics.
After entering Vietnam through the investment in Tiki, Taiwan Mobile will venture into Southeast Asia in the fields of e-commerce, logistics, broadband, and 5G-related applications. It targets to become a major telecom and technology services provider in the region.