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Vietnam’s VNG invests $6mn in native gifting platform Got It

Friday, March 12, 2021, 16:31 GMT+7
Vietnam’s VNG invests $6mn in native gifting platform Got It
This image shows Got It’s workplace in Vietnam. Photo: Thu Van

Vietnam's tech unicorn VNG Corporation on Thursday announced its US$6 million investment in Got It, a local startup offering gifting and rewarding solutions. 

The investment will help Got It enhance its AI and person-to-person gifting services in Vietnam, according to a media statement.

The deal will also facilitate VNG's expansion of its existing gifting services, business-to-business channels, and merchant networks, especially for the users of Zalo and ZaloPay, both owned by the tech company.

Established in 2015, Got It claims its client portfolio is made up of about 500 of the largest multinational and national companies across Vietnam.

It provides gifting services through a premium digital loyalty and rewards platform at more than 160 brand partners, extending over 12,000 locations nationwide.

VNG, which began as a gaming business in 2004, has since expanded into digital content, social networking, e-commerce, digital payment, and recently cloud services.

In 2014, VNG was selected as Vietnam’s first unicorn by the World Startup Report.

In March last year, local media estimated its valuation at $2.2 billion.

VNG and Got It have partnered since October 2020 to launch online gifting on the former’s chat app Zalo.

The $6-million deal is the second investment in another local startup by VNG recently.

Last December, it channeled VND100 billion ($4.3 million) into logistics firm EcoTruck to secure a 20-percent stake.

The Internet giant is also known for its early investment in e-commerce platform Tiki.

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