Asia-Europe trade deals drive momentum for SME recovery By Kawal Preet As economies worldwide respond to continued waves of the COVID-19 pandemic, there are positive signs in markets across Asia, where cross-border commerce is trending positively against the backdrop of the health crisis. This is [...]
Flash Express, a Thailand-based full service e-commerce logistics provider, announced that it has completed Series D funding round of US$200M, led by PTT Oil and Retail Business Public Company Limited (OR) with participation from Durbell and Krungsri Finnovate, three of Thailand’s most prominent conglomerates, as well as existing investors. To this date, Flash Express has raised roughly US$400M in total from leading VC funds and corporations in the Asia region.
Founded in 2018, Flash Express entered the Thailand market as the first company that offers free door-to-door pickup and delivery service 365 days a year. Recognizing the pain points that customers face, Flash Express emphasizes to use fully in-house developed technology and big data to standardize and digitize the delivery process. This has led to transparent operation, increased efficiency, and improved customer experience, all coming with much competitive pricing. Within only two years, Flash Express 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 1 million parcels per day.
Together with OR – flagship company in oil and retail business for PTT Group, Thailand’s fully-integrated energy company, Durbell – part of TCP and a consumer goods leader with over 17 years in the industry, and Krungsri Finnovate – the CVC under Krungsri, a premier finance group that plays an essential role in the country’s economy, Flash Express aims to introduce other value-added services and further expand into other Southeast Asia countries.
According to Komsan Lee, CEO of Flash Express, “Establishing this alliance with three of Thailand’s biggest business organizations is a monumental step forward for Flash Express to transform the logistics industry. 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.”
Rajsuda Rangsiyakull, Senior Executive Vice President for Corporate Strategy, Innovation and Sustainability at OR, believes that this alliance with Flash Express will help strengthen OR’s 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 behavior.
TCP Group Chief Executive Officer 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.” The CEO further commented that “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.”
Managing Director Sam Tanskul adds that Krungsri Finnovate is ready to support startup businesses that possess a clear vision, business direction and goals that can generate income and continuous growth. Investing in Flash Express is an amalgamation of strengths of organizations that have demonstrated excellence in various areas in pursuit of our joint goals. This business alliance is a great opportunity for both organizations 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.