AIA, UBS funding sends Vietnam e-commerce startup Tiki to near-unicorn status

INSURER AIA Group has led a US$240 million funding round in Vietnam-based e-commerce platform Tiki, pushing its valuation to US$831.9 million as South-east Asia's online startups ride the wave of a pandemic-fuelled boom.

The e-commerce company, which competes against Sea's Shopee and Lazada, also snagged investors including the London branch of UBS, South Korean investment manager Mirae Asset, Korea private equity firm STIC Investments and Taiwan Mobile, according to data insights platform VentureCap Insights.

AIA poured in US$60 million in the round at a price of US$26.30 per share, data from VC Insights showed. In July, Tiki and AIA entered into a 10-year partnership deal to provide life and health insurance products on Tiki's platform.

There has been a flurry of fundraising and dealmaking activity in South-east Asia. The Covid-19 pandemic has spurred the adoption of digital platforms, and investors are scouting for Internet companies that can capture this boom in a region of 650 million people.

This year, the region's startups have raised US$4.4 billion in the first half of the year, a number that is set to rise along with the pick up in deal activity and volume in recent months.

The Business Times has reached out to AIA and Tiki for comments.

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