(Image Source: Bangkok Post)
Thailand has just created their first ever startup unicorn. It is Flash Group, an e-commerce logistics services provider. The company has recently raised $150 million in Series D+ and E funding after three years of operation.
A startup becomes a unicorn when it is valued at more than $1 billion.
Flash Group aims to turn Thailand into a regional logistics hub and become one of the top three logistics businesses in Southeast Asia in the next five years.
Komsan Lee, the founder of Flash Group, was born into a poor family in Chiang Rai. He started Flash Express in 2018 with an initial capital of 400 million baht. According to him, the key to success is to choose the right industry and have a dedicated team.
“Regardless of how poor you are, which surname you have or where you graduated from, you can become a unicorn startup if you select the right industry where market size is big enough and find the right niche to work in, and have a good team,” Mr Komsan said.
Flash Express broke through the delivery segment of e-commerce by competing with existing players with an aggressive price strategy, starting with a delivery fee of 25 baht and undercutting others that charged 60 baht.
By the end of this year, the company will recruit 10,000 more employees, and by next quarter, launch its financial service called Flash Pay. They also plan on trying to shorten delivery timings in rural areas by expanding their service points there.
Mr Komsan Lee has a plan to let the company go public and expand beyond Thailand’s borders to become one of the top 3 firms in the region. He believes he can replicate his local success and lead the firm further.