By The Nation
The investment capital injection is a result of Flash Express's Series D fundraising round. Later, other Thai business groupings will prepare to announce an alliance with Flash Express, which at the moment is under negotiation and whose results will become clearer in the first quarter of 2021, the company said.
Komsan Lee, CEO of Thai full shipping service provider Flash Express, stated that Flash Express's business has grown exponentially over the last two years and because of Covid-19, new business opportunities have fuelled growth in e-commerce, making shipping and delivery very popular in the market.
"Moreover, we've also opened more branches and have an average of 100 new hires each day. Thus, at the moment, we have more than 23,000 employees. Recently, business titans in Thailand, who appreciate the corporate potential of Flash Express, expressed interest and have decided to invest more than Bt3 billion, or around US$100 million with us," he said.
"The main goal of this investment is combining the potential and strengths of each of our businesses to develop new business models that can support e-commerce expansion," Lee added.
"This joint investment is in fact strategic expansion into new S-Curve businesses, namely energy and logistics as well as consumer products and finance to ultimately create market strength. We are also building and expanding into new businesses, whether it's in the form of financial platforms or merging e-payment into the delivery system for a more complete e-commerce experience."
He added that in the last quarter or 2020, the company is focusing on expansion into Asean Economic Community (AEC) countries by creating new delivery platforms that can connect the AEC and Thailand into one.