Thailand-based e-commerce shipping service Flash Group has raised ฿4.6bn ($148m) in series D-plus and E rounds featuring a host of corporates, Bangkok Post reported yesterday.
The series D-plus round was led by SCB10X on behalf of financial services firm Siam Commercial Bank and included printing services firm Chanwanich Security Printing Company.
SCB10X also took part in a series E round co-led by Founder’s Fund and Buer Capital and backed by eWTP Capital, PTT Oil and Retail (PTTOR), Durbell and Krungsri Finnovate: respective subsidiaries of e-commerce trade association Electronic World Trade Platform (affiliated with e-commerce group Alibaba), conglomerates PTT and TCP Group, and financial services firm Bank of Ayudhya.
Founded in 2018, Flash Group provides diversified digital supply chain services through flagship e-commerce logistics service Flash Express, the large item-focused Flash Logistics, warehouse network Flash Fulfillment, parcel delivery agency Flash Home and financial services platform Flash Money.
Komsan Saelee, Flash Group’s chief executive and founder, told the Bangkok Post the round made the company the first unicorn – meaning it is valued at $1bn or more – to be located in Thailand, though he did not reveal the exact valuation.
The company intends to add branches at PTTOR’s petrol stations as well as entering into joint venture initiatives with partners and expanding into three Southeast Asian markets.
Flash Group had received a total of $400m as of a $200m series D round in October 2020 led by PTTOR and backed by Durbell, Krungsri Finnovate and returning investors eWTP Fund, Gaorong Capital and Cloud Angel Fund.
