China’s JD.com said it has co-led an investment in Vietnamese ecommerce company Tiki, as the Chinese online retailer seeks to boost its presence in Southeast Asian markets amid growing competition.
The company didn’t disclose the size of the investment. JD.com would become one of the largest shareholders in Tiki after this deal, it said in a statement Tuesday.
As part of the deal, JD will partner with Tiki in a range of areas, including merchandising, cross-border trade, logistics and fulfillment, technology, financing, and operational capabilities, it said.
JD.com, which already has a strong foothold in Indonesia, has been steadily expanding its presence in other Southeast Asian markets, buying up stakes in and partnering with local ecommerce firms. Last year, it formed a $500 million equal joint venture with Thai retailer Central Group to invest in e-commerce and financial technology in the country.
Last year, Amazon.com forayed into Southeast Asia, launching its services in the dense urban market of Singapore. Meanwhile, Alibaba has been doubling down on Southeast Asian market by increasing its controlling shareholding in Lazada Group, which has presence across six countries, including Indonesia, Thailand and Vietnam.