Thailand-based aCommerce cut net loss by half, grew revenue 18% in 2023

Paul Srivorakul, CEO and co-founder at aCommerce / Photo credit: aCommerce

Thai ecommerce enabler aCommerce posted a total revenue of 7.3 billion baht (US$200 million) for 2023, a 17.9% increase from the previous year, according to data from the Department of Business Development of Thailand.

Meanwhile, its net loss narrowed by 54.9% to US$4.6 million during the same period even though the company increased its total expenses by 14%.

The MDI Ventures-backed company also reached EBITDA breakeven across the four quarters of 2023 and hit net income profitability in Q4 2023, said CEO and co-founder Paul Srivorakul.

The company had two profitable years: 2020 and 2021. In a statement to Tech in Asia, Srivorakul said that aCommerce remains on track to return to profitability this year.

The exec added that “increased involvement from omnichannel retailers, advertising firms, marketplaces, and technology companies” looking to capitalize on “the high-margin retail media market” can give the industry a boost moving forward.

However, he emphasized the need to be cautious due to the “ongoing global geopolitical situation and potential economic headwinds” in some of the markets they operate in.

Last year, the ecommerce enabler laid off some of its employees at the corporate and regional levels, citing a shifting business landscape.

Founded in 2013, aCommerce provides clients with end-to-end ecommerce solutions, such as those for omnichannel retail, performance marketing, and channel management.

Besides Thailand, aCommerce also has offices in Indonesia, Malaysia, Singapore, and the Philippines.

Srivorakul added that aCommerce is growing in live commerce and plans to invest in AI to capitalize on its ecommerce data and analytics. The goal is to transform this data into actionable insights for other firms across all sectors.

Earlier this year, Bloomberg reported that aCommerce’s founders were considering divesting their shares in a deal that would value the company at US$200 million to US$300 million.

In 2021, the firm considered an IPO in its home country to sell around 35% of its shares, but later postponed the plan.

According to Tech in Asia data, aCommerce has raised at least US$120 million in total disclosed funding, including US$15 million from Indies Capital Partners in 2020.