Thailand-based e-commerce enabler and solutions provider N-Squared Ecommerce Group has secured an undisclosed amount in a Series A funding round held in December 2020. Investors include KKP Capital, Siam Alpha Equity (SAE), Chanwanich Group, AHMP and ECG-Research.
Capital raised will be used by the startup to fortify its core technology and services and expand across Southeast Asia.
Nuttapon Boonpinon, Managing Partner at N-Squared Ecommerce said that as per figures stated by Statista, the e-commerce market in Southeast Asia is projected to grow by more than 402 percent from 2019 to 2025. Following this growth opportunity, N-Squared is scaling its international businesses across Southeast Asia to countries including Malaysia, Singapore, the Philippines, Indonesia, and Vietnam.
Founded in 2017 by Nuttapon Boonpinon, Pisith Thanasaethsakul, Putti Orungrochkul, Thimaporn Kotcha, N-Squared provides e-commerce services such as logistics and operation management, omnichannel management, customer service, web and tech, online marketing, data analytics, and consulting. It is the owner of multiple online D2C brands and an e-commerce distributor for over 130 brands in 6 nations across Southeast Asia. The startup’s clients include Tefal, L’Oreal, Huawei, and Hewlett-Packard.
As per data provided by the startup, the average spending in Thailand has increased by 23 percent after the beginning of COVID-19. The data also showed that FMCG products, which customers have had a habit of purchasing offline, also gained online traction and strong growth, likened to other product categories.
Nuttapon Boonpinon also stated that 2020 has been another challenging year, but also full of prospects for online businesses. He has witnessed a rapid change in consumers’ online shopping behaviors and shared that this year, the startup’s house brands, HomeHuk and XtivePro, have sold products to over 1 million customers via online channels only. He went on to add that the growth of the opportunity of D2C brands is huge in this region and hence the startup plans to incessantly invest in these brands and develop them into the No.1 brands in the home & living category and sports goods in Southeast Asia. They are also looking forward to building more D2C brands across more groups and markets while expanding our operation across Southeast Asia.
In 2019, N-Squared Ecommerce generated US$ 39M in revenues, with a compounded annual growth rate of 125 percent since inception and expects to increase its revenue further by more than 2 folds for 2020.
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