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Organization and principal activities | 12 Months Ended
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Dec. 31, 2023
Organization and principal activities |
Organization and principal activities | 1. Organization and principal activities (a) Principal Activities Tuya Inc. (the “Company”) was incorporated under the laws of the Cayman Islands on August 28, 2014, as an exempted company with limited liability. The Company and its subsidiaries and consolidated variable interest entity (“VIE”) (collectively referred to as the “Group”) are principally engaged in offering PaaS (Platform-as-a-Service) to business customers developing IoT (Internet of Things) devices, including brands and their OEMs (original equipment manufacturer). Also, the Group offers Industry SaaS (Software-as-a-Service) and cloud-based value-added services to its customers. The Group also sells finished smart devices powered by Tuya purchased from qualified OEMs (the “Smart device distribution”). (b) History of the Group Prior to the incorporation of Tuya Inc. in August 2014, the Group commenced its initial operations through Hangzhou Tuya Technology Co., Ltd. (“Hangzhou Tuya Technology”), which was established on June 16, 2014 by Wang Xueji and another individual. After a series of agreements, Hangzhou Tuya Technology was owned by Wang Xueji and other four individuals (collectively, the “Registered Shareholders”) together with two unrelated investors of Series Angel financing (the “Non-Registered Shareholders VIE Investors”) by August 2014. In December 2014, Hangzhou Tuya Information Technology Co., Ltd. (“the WFOE”) was established after the incorporation of Tuya Inc. The Group then entered into a series of contractual arrangements among the WFOE, Hangzhou Tuya Technology and Hangzhou Tuya Technology’s shareholders in December 2014, and thereafter Hangzhou Tuya Technology (the “VIE”) became the variable interest entity of the Group. After the completion of this transaction, the Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIE. In 2019, the VIE agreements were amended to modify the VIE’s shareholders list and equity interest of each shareholder as a result of the change in registered share capital of the VIE and the exit of Non-Registered Shareholders VIE Investors as the VIE’s shareholders. The contractual arrangements were further amended in January 2022. The amendments discussed herein did not impact the VIE accounting treatment discussed further in Note 2(b). As of December 31, 2022 and 2023, the Company’s principal subsidiaries and consolidated VIE are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Date of |  | Place of |  | Percentage of direct |  | Principal
Name of subsidiaries |  | incorporation |  | incorporation |  | or indirect ownership |  | activities
​ | ​ | ​ | ​ | ​ | ​ | December 31, | ​ | ​
​ |  | ​ |  | ​ |  | 2022 | ​ | 2023 |  | ​
Tuya (HK) Limited | ​ | September 12, 2014 |  | Hong Kong, China |  | 100 | % | 100 | % | Investment holding and business development
Hangzhou Tuya Information Technology Co., Ltd. | ​ | December 5, 2014 |  | Hangzhou, China |  | 100 | % | 100 | % | Sales of IoT PaaS, Smart devices, SaaS and Others and research and development
Tuya Smart Inc. | ​ | July 19, 2019 |  | Delaware, United States |  | 100 | % | 100 | % | Business development
Tuya Global Inc. | ​ | July 22, 2015 |  | California, United States |  | 100 | % | 100 | % | Business development
Tuyasmart (India) Private Limited | ​ | January 31, 2019 |  | Gurgaon, India |  | 100 | % | 100 | % | Business development
Tuyasmart (Colombia) S.A.S | ​ | July 2, 2019 |  | Medellin, Colombia |  | 100 | % | 100 | % | Business development
Tuya GmbH | ​ | May 13, 2019 |  | Hamburg, Germany |  | 100 | % | 100 | % | Business development
Tuya Japan Co., Ltd. | ​ | January 23, 2019 |  | Tokyo, Japan |  | 100 | % | 100 | % | Business development
Zhejiang Tuya Smart Electronics Co., Ltd. | ​ | May 9, 2020 |  | Hangzhou, China |  | 100 | % | 100 | % | Sales of Smart devices
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Date of | ​ | Place of | ​ | Economic | ​ | Principal
Name of VIE |  | incorporation |  | incorporation |  | interest held |  | activities
​ | ​ | ​ | ​ | ​ | ​ | December 31, | ​ | ​
​ |  | ​ |  | ​ |  | 2022 |  | 2023 |  | ​
Hangzhou Tuya Technology Co., Ltd. | ​ | June 16, 2014 |  | Hangzhou, China |  | 100 | % | 100 | % | No substantial business
​ The VIE operated de minimis business activities and had no material impact on the Company’s financial position, results of operations or cash flows for the years ended December 31, 2021, 2022 and 2023.

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