Thailand’s Flash Express closes $200 million Series D

Two year old Thailand based logistics company, Flash Express, has announced closing $200 million in a new financing round. According to press, this comes on the heels of its ambition to double down on a rapidly growing market spurred by demand due to the coronavirus pandemic. Speaking on the investors, the company noted that the funding, marked Series D, was led by PTT Oil and Retail Business Public Company Limited, the marquee oil and retail businesses of Thai conglomerate PTT.

However, press noted that Durbell and Krungsri Finnovate, two other top conglomerates in the Southeast Asian country, also participated in the round, bringing Flash Express’ to-date raise to about $400 million. Flash Express, operating as a door-to-door pickup and delivery service, is the second largest private player to operate in this space. On its venture and milestones, the startup reportedly entered the market with delivery fees as low as 60 cents per parcel, baiting its customers to convert more. Today, the startup has expanded aggressively in the past year, having over 5,000 leads, exceeding those of 138-year-old Thailand Post.

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