Vietnamese internet giant VNG Corporation has invested US$6 million into B2B gifting services company Got It in exchange for a 25 per cent stake.
According to a press note, this gives Got It a post-investment valuation of US$25 million.
The fresh funds will go towards improving the startup’s P2P gifting services in Vietnam.
Established in 2015, Got It also offers loyalty programmes and reward vouchers. The company claims its clients consist of over 500 of the largest multinational and national companies across Vietnam.
Got It and VNG will join hands to launch a premium instant P2P gifting solution with about 160 brand partners, covering over 12,000 locations nationwide. VNG will assist Got It in expanding its gifting services, B2B channels and merchant network, with a focus on users Zalo and ZaloPay, which are owned by VNG.
“Since mid-2020, VNG has been pushing its strategy of finding potential startups for long-term investment and companionship,” said Le Hong Minh, Co-founder and CEO of VNG.
This is the second investment in a local startup by VNG. Last December, it invested VND 100 billion (US$4.4 million) in logistics firm EcoTruck for a 20 per cent stake. The internet giant is also an early investor in e-commerce platform Tiki, owning 22 per cent of the company.
VNG is Vietnam’s first tech unicorn, with a valuation estimated to be about US$2.2 billion. Having started out as a gaming business in 2004, the company has since expanded into digital content, e-commerce, digital payments and recently cloud services. Notable investors include Singapore state-backed investment firm Temasek and Goldman Sachs.
Image Credit: VNG
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