Thailand-based digital platform for e-logistics GIZTIX announced that it raised $10 million in its Series B funding round.
Leading the round is WHA Group, a fully-integrated logistics, and industrial facilities solutions corporation in Thailand, and Bualuang Ventures, a subsidiary of Bangkok Bank.
Other investors include Thai conglomerate Siam Cement Group (SCG)’s corporate venture capital arm AddVentures, and Japan’s ventures capital firms KK fund and CAC Capital.
Sittisak Wongsomnuk, CEO and co-founder of GIZTIX, said they specifically raised funds from Thai listed enterprises “to truly win”.
“The investors have the same goal is to digitize Thai logistics infrastructure so the country can have a commercial advantage in the long-term,” Wongsomnuk added.
Both KK Fund and CAC Capital will fully support them on collaborating Japanese enterprises and capital acquisition, especially for the next round of funding.
While WHA Group, Bangkok Bank, and SCG will enable the firm to better digitize local logistics operators to meet the demand of the country as a logistics hub of the region.
With this fresh funding, GIZTIX plans to develop a comprehensive range of transportation services and technologies for businesses nationwide.
Also, a portion of the funding will be allocated to boost marketing and sales to help distribute income to transport operators in every province.
GIZTIX also intends to invest in management and technology to maintain profitability in parallel with business expansion, aiming for a listing on the Stock Exchange of Thailand in 2025 or in the next four years.
GIZTIX, an e-logistics startup founded in 2015, offers on-demand logistics services and fleet management tools for business customers. Its transport management system (TMS) helps clients with delivery service outsourcing and also manages owned trucks at the same time.
With projections that the road transport business in Thailand is worth more than $19 billion a year, GIZTIX believes that there is a huge opportunity to grow further as Thailand is also a strategic hub for transportation and logistics in the region.