VNG invests $6 mln in digital gifting startup

The VNG Campus in District 7, HCMC. Photo courtesy of VNG Corporation.

Through the deal it expects to expand into digital gifting, develop its business-to-business sales and create more services for users of Zalo, its mobile messaging app, and ZaloPay, its e-wallet.

"The investment is part of VNG’s strategy to bring a better experience to its customers," the company said in a release.

Got It, founded in 2015, is a digital gifting and reward platform which has sold over 20 million gift vouchers and has over 160 brand partners.

The $6 million investment from VNG is expected to help the startup enhance its business-to-business services and develop its person-to-person gifting services, and acquire artificial intelligence to address its business problems.

Le Hong Minh, CEO of VNG, said Vietnamese startups need great support to thrive and create a technology ecosystem.

"Since mid-2010 the company has been [looking for] potential startups for long-term investment and partnership.", he said.

At the end of last year, VNG acquired a 20 percent stake in logistics startup EcoTruck. It also owns a 22.7 percent stake in e-commerce platform Tiki and a 49 percent stake in Thanh Son Communication Services Trading Company, which distributes game and prepaid phone cards.