E-commerce support, logistics and Fintech startups have the potential to expand to the regional level, said leading tech media “Techsauce” today (Thursday).
“E-commerce in Thailand has been dominated by big players, but there is potential for startups, which have created platforms for E-commerce, while Fintech offers new ways of investing, such as in cryptocurrencies,” said Oranuch Lerdsuwankij, Techsauce CEO and Co-Founder.
“You have to be on top of Thai markets to go regional and now, dominating the market only in Thailand is not enough,” she added, citing the importance of the right business model for regional expansion and traction as factors to attract investors.
The remarks were made at Techsauce’s online press conference, held to unveil two new products to help connect people in the startup industry, the Techsauce Startup Directory (Beta), which compiles data about startups in Thailand, and ConNEXT, which connects fresh graduates with corporates and provides training in essential skills.
“Now we can see those startups really exist and we can identify key stakeholders,” she said, adding that other startups, with potential to grow, include food and agriculture, Ed Tech and healthcare.
The COVID-19 pandemic has reduced the number of deals being done between investors and startups and the amounts being invested, as investors have diverted funds to corporations, rather than startups, to avoid risk. This didn’t only happen in Thailand, but also on a global scale, according to Mr. Sarun Sutuntivorakoon, a partner at N-VEST Ventures, in an interview with Techsauce in November.
Techsauce data shows the total investment in Thai startups peaked in 2020 at US$364.37 million but with fewer deals made than the year before. US$24.2 million in funding has been raised for 13 Thai startups so far this year. There are currently 230 startups listed in Techsauce’s directory.
“It is unfortunate that the momentum of Thai startups has slowed. That is why we need a directory, to be able to see the role models clearly,” said Oranuch.
“We may have good news by the end of this year,” she added cryptically.
Reported by Hathai Techakitteranun
