VNG invests $6 mln in digital gifting startup

By Duc Minh March 12, 2021 | 12:00 am PT

VNG Corporation, a leading Internet and technology company, has announced it is investing VND138 billion ($6 million) in digital gifting platform Got It.

A corner of VNG Campus in Distric 7, HCMC. Photo courtesy of VNG Corporation.

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.