N-Squared Ecommerce Group, an e-commerce distributor and solutions provider in Thailand, has received an undisclosed amount in Series A funding from a clutch of investors, including KKP Capital, Siam Alpha Equity (SAE), Chanwanich Group, AHMP and ECG-Research.
The funds will be used to strengthen its core technology and services and expand its footprint across Southeast Asia.
“According to Statista, the e-commerce market in Southeast Asia is expected to grow by more than 402 per cent from 2019 to 2025. Following this growth opportunity, we are scaling our international businesses across Southeast Asia to countries including Malaysia, Singapore, the Philippines, Indonesia, and Vietnam,” said Nuttapon Boonpinon, Managing Partner at N-Squared Ecommerce.
Started in 2016, N-Squared provides e-commerce services including logistics and operation management, omnichannel management, customer service, web and tech, online marketing, data analytics, and consulting.
It owns several online direct-to-consumer brands and an e-commerce distributor for over 130 brands in six countries across Southeast Asia.
The startup’s clients include Tefal, L’Oreal, Huawei, and Hewlett-Packard.
Also Read: Desty raises seed funding to help individuals build an online presence easily
In 2019, the group generated a total of 1,192 million baht (US$39 million) in revenues, with a compounded annual growth rate of 125 per cent since inception, it said in the statement.
The startup expects to more than double its revenue for 2020.
According to data acquired by N-Squared, the average spending in Thailand has increased by 23 per cent after the onset of COVID-19. The data also showed that FMCG products, which consumers had tended to purchase offline, also gained online traction and strong growth, compared to other product categories.
“2020 has been another challenging year, but also full of opportunities for online businesses. We have seen a rapid change in consumers’ online shopping behaviours. This year, our house brands, HomeHuk and XtivePro, have been sold to over one million customers via online channels only,” Boonpinon added.
“The growth of the opportunity of direct-to-customer brands is huge in this region. Therefore, we plan to continuously invest in these brands and build them into the No.1 brand in the home & living category and sports goods in Southeast Asia. Also, we look forward to building more direct-to-consumer brands across more categories and markets, while we will expand our operation across Southeast Asia,” he shared.
—
Image Credit: N-Squared
The post N-Squared Ecommerce to expand its footprint across SEA with its Series A funding appeared first on e27.