Bangkok-based courier Flash Express has notched USD 150 million in its extended Series D round, led by SCB10X, the CVC arm of the country’s Siam Commercial Bank, and its Series E round, led by China-based VC Buer Capital.
The news comes seven months after the firm bagged USD 200 million in its Series D round last October, bringing its total fundraising to USD 550 million. With the fresh capital, the firm plans to improve its operations, technology development, and expand its services. The firm told KrASIA that it is set to expand to the regional market by Q4 this year.
“Key strategies will focus on [the] one-stop service for our e-commerce business in Thailand and overseas. We will concentrate on our original intention to begin the business expansion in SEA first,” said Komsan Lee, CEO and founder of Flash Group, in a press release.
Founded in 2017, the firm is the country’s top private courier in terms of daily parcel volume. It claims the capacity to deliver up to 2 million parcels per day, covering all of Thailand’s 77 provinces.
Its key competitor, Kerry Express, went public on the Stock Exchange of Thailand last December. The firm told Bangkok Post in February that it could deliver up to 1.9 million parcels a day, as of last September, up 19% from 1.6 million parcels in 2018. Other notable players include Alibaba-backed Best Express, which announced to invest BHT 300 million (USD 9.6 million) in the second half of 2020 to boost its service in the country, according to a local media report.
Chanwanich Security Printing Company, a local manufacturer of security printed items, participated in the extended Series D round while existing investors like SCB10X, state-owned energy company PTT Oil and Retail Business Public Co. Ltd, and Krungsri Finnovate, the venture capital unit of Bank of Ayudhya, also joined the Series E round.