Thai logistics e-commerce startup company Flash Group has raised $150 million, which has strengthened its position in the fiercely competitive Southeast Asian market that caters to more than 350 million customers. Their latest funding is expected to increase the company’s capacity tenfold which will enable them to handle around 2 million products per day, which will make them level with the competitors in the market, according to media reports. Launched in 2017, Flash group is one of Thailand’s top five e-commerce logistics companies.
According to market analysts, the online market of Southeast Asia has a massive untapped potential, which is one of the primary reasons why countries are rushing to build up their fifth-generation network infrastructure even though the pandemic is still raging. It is expected that consumers move online because of lockdowns or to avoid crowded places. An analyst at Asia Plus Securities said that this will provide rooms for Flash Group and other existing players to capitalise on opportunities and boost profit.”
Komsan Lee, CEO of Flash Group told the media, “Funding will be used in many businesses, such as technology development and building e-commerce platforms that will differentiate it from the rest of the market and increase selling opportunity, service expansion, as well as building new business strategies.”
After the latest funding, Flash Group will compete with some of the formidable competitors in the market like China and Hong Kong. Both these companies are expanding at a rapid pace and upscaling their operations in Southeast Asia.