Thai logistics startup banks $10m in series B money

Giztix, a Thailand-based logistics startup, has raised US$10 million in a series B funding round co-led by Bualuang Ventures and WHA Group.

The round also saw participation from AddVentures, the VC arm of Thailand-based conglomerate SCG, as well as from KK Fund. It also saw the onboarding of a new investor in CAC Capital.

Photo credit: Giztix

Founded in 2015, Giztix aims to make it easier for businesses to manage logistics. Its services are available through mobile applications as well as on desktop.

The fresh funds will be used to improve the startup’s tech and transportation services, expand its network to provide pan-country logistics services, and invest in its marketing and sales efforts.

The company will also strive to “maintain profitability” with business expansion, Giztix co-founder and CEO Sittisak Wongsomnuk said in a statement.

Wongsomnuk further revealed that the company is preparing to list on the stock exchange in Thailand by 2025.

“The Covid-19 outbreak in 2020 and 2021 has encouraged businesses to increasingly turn to online services. As a result, the number of transport trips managed through the Giztix platform has increased by more than 420% or more than 500,000 transportation trips per year,” the company said in a statement.