Thai state-owned petroleum producer PTT Group led a $200m series D round for Thailand-based e-commerce logistics provider Flash Express today.
The round also featured Durbell, a subsidiary of consumer goods conglomerate TCP, Krungsri Finnovate, the venture capital arm of financial services firm Bank of Ayudhya, and unnamed existing backers. PTT invested through its PTT Oil and Retail Business Public Company (OR) subsidiary.
Flash Express operates a logistics service on behalf of online merchants that includes door-to-door pickup and delivery, operating out of some 5,000 service outlets across Thailand. It intends to partner the corporate investors on introducing new services and expanding into more Southeast Asian countries.
The company said the round increased its overall funding to roughly $400m. Venture capital firm Gaorong Capital had led a funding round of undisclosed size in May 2018, and DealStreetAsia named e-commerce firm Alibaba’s eWTP Fund and Cloud Angel Fund as existing investors.
Saravoot Yoovidhya, chief executive of TCP Group, said: “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.”
