EasyParcel’s not-so-easy numbers

IN FOCUS

In today’s newsletter, we look at:

• The silver linings of EasyParcel’s 2023 numbers
• Nice One affirms tech unicorn status with US$1 billion plus IPO

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Hi there,

My apartment’s mailbox area is full of parcels and packages these days. Yesterday, a courier left a package for me there. It was something I’d bought from a Thailand-based seller.

With ecommerce the norm these days, nobody thinks about how packages make their way from a website to our homes. But I suppose that’s the point: a good service should be seamless, and you shouldn’t notice it if everything goes right.

Unfortunately, things haven’t been going so well for Southeast Asia’s logistics players recently.

One such player is Malaysia-based EasyParcel, an intermediary that connects customers with various logistics services. Unlike Ninja Van or J&T Express, EasyParcel does not own a logistics fleet. It had one until recently, which goes to show how competitive the landscape is.

My colleague Miguel looks into the company’s most recent financial statements for 2023 in this week’s Big Story. While EasyParcel suffered a revenue decline, there were other silver linings worth noting.

Meanwhile, in this week’s Hot Take, I analyze Saudi Arabia’s newest IPO: beauty commerce platform Nice One.

— Simon

THE BIG STORY

Image credit: Timmy Loen

Silver linings for EasyParcel despite 2023 revenue drop

The Malaysian startup recently said that it is targeting a listing by the next three to five years.

THE HOT TAKE