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Thai logistics startup Flash Express closes $200m Series D, achieves profitability in two years

Thailand-based e-commerce logistics provider Flash Express has landed $200 million in its Series D funding round, bringing the total investment into the company to about $400 million.
The latest round was led by local energy major PTT Oil and Retail Business Public Company (OR), Thai consumer goods firm Durbell, and Krungsri Finnovate, the corporate VC unit of financial group Krungsri. The company’s existing shareholders — including Alibaba’s eWTP Fund, Gaorong Capital, and Cloud Angel Fund — also returned to back Flash Express in the round.
Two-year-old Flash Express provides integrated logistics services targeting the e-commerce sector and claims to be the second-largest private express delivery company in Thailand. It has over 5,000 service branches covering all 77 provinces of Thailand and delivers over 1 million parcels per day, according to an announcement.
Flash Express uses its fully in-house developed technology and big data to digitise the delivery process, which has allowed it to increase operational efficiency and offer competitive prices. The company added that it was the first in the country to offer free door-to-door pickup services.
Flash Express said the Series D financing will help it add more value-added services and expand its business to other Southeast Asian countries.
“Establishing this alliance with three of Thailand’s biggest business organisations is a monumental step forward for Flash Express to transform the logistics industry. […] We intend to assist SMEs in lowering their investment costs, which we believe will provide long-term benefit for the overall Thai economy in the digital era,” commented Komsan Lee, CEO of Flash Express.
Rajsuda Rangsiyakull, senior executive vice president for corporate strategy, innovation, and sustainability at OR, said the investment in Flash Express will help it strengthen business expansion and investments through enhancing joint business potential in its core operations, as well as expanding into other businesses that can meet future customer demands.
Meanwhile, Durbell, as a consumer goods distributor, believes there is great synergy with Flash Express. “Our 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 truly digital economy,” said Saravoot Yoovidhya, CEO of TCP Group, Durbell’s parent.
Richard Tang, CFO of Flash Express, told DealStreetAsia in an interview that the company chose to keep a low profile since its establishment because it wanted to build its network and achieve scale. “Now that we have risen to the second position in Thailand’s express logistics market, it’s time for more people to get to know us, and this will be helpful for our future growth,” he said.
Tang also spoke about Flash Express’ existing investors, how the company has become profitable, and what the Thai logistics market looks like. Read from source….