Flash Express, a Thai-Chinese logistics service, announced it has raised 10 million dollars from Banyan Ventures, adding that the company plans to inject 2.5 billion baht (around 77.9 million dollars) over five years to expand its network in Thailand and other SE Asian countries including Laos, Malaysia, and Myanmar.
The Thai market size for express shipment is worth 25 billion baht (around 779 million dollars) and is currently dominated by state-owned Thailand Post with a market share of up to 70% according to Flash Express CEO Komsan Saelee, adding that his company targets 10% of the market share with an aim to generate a revenue of 200 million baht (around 6.2 million dollars) this year. Flash Express’s other competitors include Hong Kong’s Kerry Express and local company Nim Express.
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