Investors include oil and retail major OR, Krungsri Finnovate, and Durbell
Flash Express, a Thailand-based full service e-commerce logistics startup backed by Alibaba, announced today it has closed its Series D funding round of US$200 million, led by PTT Oil and Retail Business Public Company Limited (OR).
Krungsri Finnovate, Durbell (one of Thailand’s leading consumer goods distributors and a TCP Group company), as well as existing investors, also joined the round.
The proceeds from this round will be used to further invest in Flash Express’s technology and operations in the home market and also to expand into a Southeast Asian country, a spokesperson for the company said to e27, without elaborating further.
Also Read: 5 reasons to be bullish on logistics tech in Asia
“…we are also prepared to create and develop new technologies to achieve even greater delivery and logistics efficiency. More importantly, we intend to assist SMEs in lowering their investment costs which we believe will provide long-term benefit for the overall Thai economy in the digital era,” Flash Express CEO Komsan Lee said.
To this date, the two-year-old startup has raised roughly US$400 million in total from leading VC funds and corporations in Asia.
Founded in 2018, Flash Express entered the Thailand market as a free door-to-door pickup and delivery service 365 days a year. Recognising the pain points that customers face, the startup emphasises to use fully in-house developed technology and Big Data to standardise and digitise the delivery process.
The startup claims it is now the second largest private express delivery provider, with over 5,000 service branches covering all 77 provinces of Thailand and delivering more than one million parcels per day.
Best Express is the other leading player in this segment. Both Flash Express and Best Express are backed by Alibaba Group.
Kerry Express is the other leader in the e-commerce delivery sector that filed for an IPO in late August.
Rajsuda Rangsiyakull, Senior Executive Vice President for Corporate Strategy, Innovation and Sustainability at OR, believes that this alliance will help strengthen their business expansion and investments in new S-Curve businesses.
Moreover, not only will it enhance the joint business potential in driving forward the shipping and energy industries, it will also enable the company to expand into other businesses that can meet future customer demands and suit future consumer behaviour.
Also Read: 5 growth stage startups that are leaders in Thailand’s ecosystem
TCP Group CEO Saravoot Yoovidhya stated: “This investment in Flash Express will allow Durbell to become stronger and boost its product distribution potential to cater to the future demands of the ever-growing logistics market.”
“I am confident that our two businesses will mutually complete one another’s potential and thus render us a logistics powerhouse as well as help us achieve our collective goal of helping Thailand transform into a true digital economy,” Yoovidhya added.
Krungsri Finnovate Managing Director Sam Tanskul commented: “This business alliance is a great opportunity for both organisations to create and develop new industry models. The partnership will focus on the strategic front and also support and development of strategic financial platforms for the Flash ecosystem. Moreover, thanks to enhanced ability to adapt to the world’s varying situations, the Thai people will be able to seamlessly go about their daily lives in this new world.”
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Image Credit: Flash Express
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