Thai e-commerce fulfillment startup Sokochan is now heading to Malaysia in October, as reported by DealStreetAsia.
The news follows a six-figure pre-Series A fundraise in July.
Adrian Stewart, Sokochan’s co-founder and chief strategy officer, hinted that the local partner is in the transportation business with 300 vehicles and three warehouses across Malaysia.
With its current local partnership approach, Sokochan is also looking to expand to the Philippines as well as Cambodia, Myanmar, Laos, and Vietnam.
Its pre-Series A round was led by the Thailand logistic giant Begistics PCL. Begistics picked up a 10 per cent stake in the startup. This joint venture is strategic for Sokochan as it is looking to leverage on Begistics’ resources with new possibilities such as cross-border business and warehousing spaces.
According to the DealStreet article, the fund will be focused on boosting of the startup’s tech platforms, talent recruitments, warehouse and business expansion outside of its home in Thailand.
Since June, the startup’s revenues have exceeded the amount in 2017 and has been profitable in its operational level at the start of this year.
“Before Begistics, Sokochan was seeded by Galaxy Ventures six months into our operations in early 2015 and we raised a strategic [seed] round in October 2016 with individuals from Singapore and Japan who brought a combined 60 years of logistics industry experience,” Stewart said, as quoted in DealSteetAsia.
Stewart also suggested that the logistics background of the investors is a big learning experience for the startup as the newcomer in the logistics sector.