Thailand-based ecommerce firm N-Squared to expand into Vietnam, Indonesia

N-Squared eCommerce, a Thailand-based provider of end-to-end ecommerce solutions, announced plans to expand into new markets such as Vietnam and Indonesia by the end of 2019.

N-Squared eCommerce managing partner Nuttapon Boonpinon / Photo credit: N-Squared

The company said it generated 735 million baht (or about US$24 million) in revenue, with a compound annual growth rate of 246% since 2015.

“We are on track to more than double our business to over 1.4 billion baht (nearly US$45 million) this year from Thailand alone,” said N-Squared managing partner Nuttapon Boonpinon.

The company, which also posted its 2018 year-end profit of 37 million baht (US$1.2 million), plans to expand its current footprints in Malaysia, Singapore, and the Philippines by the end of the year.

N-Squared develops proprietary tools and technologies catered for Southeast Asian markets. It provides services such as logistics and operation management, omnichannel management, customer service, web and tech development, online marketing, data analytics, and consulting.

Earlier this year, the company also began developing an AI-powered chatbot solution to capitalize on the rising trend of social commerce, according to a statement.

N-Squared also said it sees “excellent opportunity” to scale up its household brand name, HomeHuk, into a regional brand.

Currency converted from baht to US dollar: US$1 = 30.86 baht.