Flash Group CEO Komsan Lee
Flash Group, the company behind the leading express delivery service Flash Express in Thailand, has closed a total of US$150 million in a combined Series D+ and Series E round of financing.
SCB10X, the corporate VC arm of Siam Commercial Bank, led the Series D+ round, with additional investment from Thailand’s Chanwanich Security Printing Company.
Buer Capital, a Singapore-based Founder’s Fund, led the Series E round. Existing investors SCB10X, eWTP Capital, PTTOR, TCP Group’s Durbell, Krungsri Finnovate also joined this round.
Also Read: Flash Express secures US$200M Series D to expand its e-commerce logistics service in SEA
The group will use the fresh capital for tech development and expansion into Cambodia, Laos, Myanmar, and Vietnam.
“We will concentrate on our original intention to begin the business expansion in Southeast Asia first. The COVID-19 situation may be a challenging obstacle for us, yet we will continue to move forward with an expectation for a solid development plan in Q4, 2021 after some business will be launched in Southeast Asia,” CEO Komsan Lee said.
The latest rounds bring Flash Group’s total funding raised to more than US$400 million, taking its enterprise valuation to more than US$1 billion and becoming the first unicorn startup in Thailand.
In October 2020, Flash Express raised US$200 million in Series D funding round, led by PTT Oil and Retail Business Public Company.
Alibaba is also an investor in Flash.
Founded in 2018, Flash Express entered the Thailand market as a free door-to-door pickup and delivery service 365 days a year. It then evolved to become a one-stop full service e-commerce logistics company.
Flash’s business lines include Flash Fulfillment (warehousing and fulfilment solutions), and Flash Express (the express delivery service that utilises technology and Big Data to optimise efficiency and service).
The group is currently in the process of adding other value-added business lines.
The unicorn claimed in a press release that it has more than 5,000 service branches, covering all 77 provinces of the country and delivering almost two million parcels a day.
“From now on, Flash will gradually announce joint business plans with our investors. Firmly, key strategies will focus on a one-stop service for e-commerce businesses in Thailand and overseas,” Lee added.
Also Read: 5 growth stage startups that are leaders in Thailand’s ecosystem
Amidst the COVID-19 crisis, the e-commerce sector witnessed a boom across Southeast Asia that led to a the emergence of a reliable network of e-commerce logistics solutions.
Flash Express has some local competitors in the logistics space, such as Best Express, Kerry Express and Shippop.
According to Tracxn data, as of now there are a total of 33 logistics tech startups in Bangkok.
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Image Credit: Flash Group
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