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Local shopping website signs deal with Sumitomo

Update: August, 31/2013 - 08:41
E-commerce website Tiki.vn inked early this week a strategic partnership with Japanese corporation Sumitomo.— VNS Photo Nguyen Manh Ha

HCM CITY (VNS)— E-commerce website Tiki.vn inked early this week a strategic partnership with Japanese corporation Sumitomo.

A strategic partner of Tiki, the Japanese corporation will own a 30 per cent stake in the Vietnamese e-commerce website, which started by selling books, but now trades in a great variety of products from fashion to electronics.

The deal is a series B round of funding for Tiki, which secured series A funding from the Japanese investment fund CyberAgent Ventures in 2012.

The funding from Sumitomo will help Tiki.vn, in a bid to better serve its customers countrywide, boost investment in their warehouses, delivery network, as well as research and development on new products, the company said in a press release.-VNS

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