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InVent to invest in Choco Card, start-ups

InVent to invest in Choco Card, start-ups

WEDNESDAY, September 12, 2018
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INVENT is investing Bt40 million in Choco Card Enterprise to provide a customer-relationship management (CRM) platform for small- and medium-enterprises (SMEs). The company also plans to spend around Bt100 million in three new emerging start-ups by the end of this year.

Narongpon Boonsonaisan, the head of InVent, a corporate venture capital project of Intouch holding, said his company has invested Bt40 million in Choco Card Enterprise. 
“I think Choco Card Enterprise has a high potential to provide CRM and point of sale [PoS] platforms to support SMEs and help them scale up in the market. SMEs can also easily access the services online. The CRM platform is an essential part for creating business growth. There are more than 3 million SMEs in the country, and the CRM platform will allow them to seize opportunities and boost their competitiveness,” Narongpon explained.
Sirasit Suriyapattanapong, CEO of Choco Card Enterprise, said his company’s CRM platform also offers loyalty programmes. Choco Card is currently focusing on Bangkok, but plans to expand to Chon Buri, Chiang Mai and Phuket in the near future. 
SMEs are provided software and other services at monthly fees starting from Bt2,500. 
Choco Card’s next step will be to provide rewards as a service (RaaS) in collaboration with the Government Savings Bank and micro CRM services for businesses that want to know their customers.
The firm currently has some 1,300 SMEs as clients, and expects to boost this number to 5,000 in the next three years. It also eyes boosting its revenue to Bt150 million to Bt200 million during the same period. 
Meanwhile, InVent’s Narongpon said his company will spend some Bt100 million in three emerging start-ups working in areas such as blockchain, digital lifestyle technology, tourism and location base technology based service.
He said InVent now has 12 starts-up in its portfolio, namely Ookbee, MediTech, Infinity Levels, Playbasis, Goftdigg, Wongnai, Omnivirt, Digio, Event Pop, ShopBack, YDM Thailand and Choco Card Enterprsie.
The firm has already exited two start-ups – ShopSpot and Computerlogy – which gave it a return on investment of around 25 per cent. 
The firm also plans to list Wongnai in the Market for Alternative Investment by 2020.