Profits at Thailand’s top start-ups soaring during pandemic

Profits at Thailand’s top start-ups have soared into double digits during the coronavirus pandemic as consumers turned to e-commerce and online services, and the results are boosting the Kingdom’s ambitions of becoming a regional digital hub.

Thailand has a thriving eco-system of digital businesses and start-ups developing innovative ventures, products and services.

While other countries in the region may now be ahead of Thailand by the measure of producing a unicorn, which is defined as a start-up with a valuation of at least $1 billion, many analysts have said it is just a matter of time before Thailand breaks that barrier, based on the creativity of some of its digital entrepreneurs.

“We aspire to be one of Thailand’s first unicorns – one of many I hope – but at this stage, we are more concerned with profitability and staying profitable,” said Paul Srivorakul, Chief Executive of aCommerce.

aCommerce, an e-commerce solutions provider, has been among the best performers since the onset of the pandemic. The firm enjoyed 130 percent year-on-year growth during the second quarter of 2020, thanks to skyrocketing online purchases, as many businesses were forced to close as part of measures to contain the spread of the coronavirus.

In all of 2019, Thai start-ups raised $97.6 million in funding, according to the Techsauce website, but they have raised over $130 million in the first half of 2020 alone.

Another Thai start-up, Eko, has posted 50 percent revenue growth since February and 200 percent year-on-year growth selling software that allows remote workers to connect and conduct business operations from anywhere.

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