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- Flash Express
Flash Express Revenue, Valuation, Funding & Investors
Flash Express is valued at $2B as of December 2022, a 4.8x multiple on its last reported $414M revenue.
Last Flash Express valuation
$2B
Series F · Dec 2022
Last Flash Express funding round
$431M
Series F · Dec 2022
Flash Express revenue
$414M
Series F · Dec 2022
Key investors in Flash Express
Krungsri Finnovate
TT Oil and Retail Business
BlackRock
Gaorong Capital
SCB 10X
Cloud Angel Fund
About Flash Express
Flash Express is a Bangkok-headquartered logistics provider dominating Thailand's e-commerce delivery market. Established in 2017, the company offers door-to-door parcel services powered by proprietary technology and big data analytics for route optimization. Under Flash Group, it encompasses Flash Logistics for oversized items, Flash Fulfillment for warehousing, Flash Home for last-mile agency, and Flash Money for digital payments. Flash Express operates over 1,000 branches nationwide and has expanded into Laos, Cambodia, and the Philippines.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Revenue
$414M (Dec 2022)
Valuation
$2B (Dec 2022)
Flash Express Valuation
Flash Express is currently valued at $2B, based on its Series F in December 2022.
Flash Express' valuation has grown 2.0x from $1B at its Series E in June 2021 to $2B in December 2022, across 2 priced rounds.
Flash Express valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2022 | Series F | $2B | 4.8x |
| Jun 2021 | Series E | $1B | - |
Flash Express Revenue
Flash Express' latest recorded revenue is $414M, as of its Series F in December 2022. At a $2B valuation, that implies a 4.8x revenue multiple.
Flash Express revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2022 | $414M | $2B | 4.8x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Flash Express Funding History
Flash Express has raised a total of $781M across 3 funding rounds.
Flash Express' first fundraising round was a $200M Series D in October 2020. The most recent completed round was a $431M Series F in December 2022.
Flash Express funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2022 | Series F | - | $431M | $2B | Flash Express is a Bangkok-based e-commerce logistics provider founded in 2017, offering delivery services across 77 provinces in Thailand with 2,500 delivery points, utilizing a standardized digitized process including Flash Logistics for large items, Flash Fulfillment for storage, Flash Home delivery agent service, and Flash Money financial services. The company achieved unicorn status in mid-2021 with Series D+ and E rounds raising $150 million (THB 4.6 billion), becoming Thailand's first unicorn valued over $1 billion. In late 2022 (closing early January 2023), Flash Express raised its Series F round of approximately $445-447 million (THB 15 billion), the largest VC deal in Thai history, led by investors including Citius and Tiger Global Management, valuing the company at around $2 billion (over 70 billion baht) and bringing total funding to over $780 million since inception. The Series F funding fueled rapid expansion, including plans to increase Malaysian staff from 4,000 to 10,000 by end-2022 and scaling operations in multiple ASEAN markets. This round positioned Flash Express as a top performer in Thailand's VC landscape, surpassing prior years' aggregate deal values, amid growing venture activity with $549.4 million across 39 deals in 2022. CEO Komsan Lee indicated plans for additional funding before a potential IPO within three years. Investors include SCB10X, Buer Capital, Gaorong Ventures, Cloud Angel Fund, and Krungsri Finnovate. |
| Jun 2021 | Series E | Buer Capital (lead); SCB 10X; TT Oil and Retail Business; eWTP Capital; BlackRock; Krungsri Finnovate | $150M | $1B | Flash Express, operating under Flash Group, is a Thailand-based full-service e-commerce logistics provider offering door-to-door pickup and delivery, parcel services, warehousing via Flash Fulfilment, and related services, handling up to 2 million parcels daily across 77 provinces with 15,000 vehicles, 23 sorting centers, 1,300 distribution centers, and 10,000 service branches. In June 2021, it closed a combined Series D+ extension and Series E round raising over $150 million total, led by Buer Capital in Series E with participation from SCB 10X, eWTP Capital, Krungsri Finnovate, PTT Oil and Retail Business (as EWTP-OR-Durbell), and BlackRock TCP Cap (via Durbell/TCP), achieving unicorn status with a $1 billion post-money valuation confirmed by CEO Komsan Lee and Bank of Ayudhya. This brought cumulative funding to around $550 million following a prior $200 million Series D in October. Funds were allocated to technology development, e-commerce platform enhancements, service expansion in Southeast Asia, and new business strategies amid rapid growth during COVID-19. The company employed 30,000 people, planning to add 10,000 more by year-end, and introduced services like zero return fees and enhanced insurance. Parcel volume reached 2 million per day, positioning Flash Express as Thailand's top private logistics firm and first unicorn. |
| Oct 2020 | Series D | TT Oil and Retail Business (lead); Cloud Angel Fund; Gaorong Capital; Durbell; Krungsri Finnovate; eWTP Technology & Innovation Fund | $200M | - | Flash Express is a Thailand-based e-commerce logistics startup founded in 2018, offering door-to-door pickup and delivery services with low fees starting at 60 cents per parcel, positioning itself as the second-largest private express delivery provider in Thailand. It partners with platforms like Lazada and Shopee, leverages in-house technology for automated sorting handling over 100,000 parcels per minute, and expanded from 1,100 to over 5,000 delivery points covering all 77 provinces within a year. By October 2020, it was delivering more than 1 million parcels daily, up from 50,000 the prior year, fueled by COVID-19 e-commerce growth. On October 11/12, 2020, Flash Express raised $200 million in a Series D round led by PTT Oil and Retail Business Public Company Limited (also referred to as TT Oil and Retail Business or OR), with participation from Durbell (TCP Group subsidiary), Krungsri Finnovate (Krungsri Bank's CVC unit), and eWTP Technology & Innovation Fund (Alibaba-affiliated), among others. This brought total funding to about $400 million. The funds were earmarked for introducing new services like zero return fees and guaranteed delivery, technology development for efficiency, supporting SMEs with lower costs, domestic expansion including more employees and heavier parcel handling, and entry into other Southeast Asian markets. Flash Express aimed to transform Thailand's logistics, drawing on CEO Komsan Lee's experience with Chinese tech for rapid scaling. Subsequent rounds included a $150 million Series D extension/Series E in mid-2021 led by SCB10X, achieving unicorn status with valuation over $1 billion (not for the 2020 round), and a Series F in late 2022 of $445-447 million at around $2 billion valuation. By 2021, daily volume reached 2 million parcels, with over 14,000 locations via Flash Home franchise and 30,000 employees, planning Flash Pay financial services at PTT stations and regional hub ambitions from Thailand. |
Who has invested in Flash Express?
10 investors have backed Flash Express across its funding rounds, including Krungsri Finnovate, TT Oil and Retail Business, BlackRock, Gaorong Capital, SCB 10X and Cloud Angel Fund.
Lead investors include Buer Capital and TT Oil and Retail Business.
Flash Express Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2020 | ||
| 2 | Participant | Oct 2020 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
| -- | 1 | Lead | Jun 2021 | |
| 1 | Participant | Oct 2020 | ||
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Start Free TrialFlash Express Competitors
Flash Express competitors include listed companies like Werner Enterprises, Mullen Group and Fukuyama Transporting, and private ones like Ninja Van, Loggi and Veho.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3B | $299M | $2.2B | 0.9x | ||
| Private | $149M | - | $1.9B | - | ||
| Private | - | - | $1.8B | - | ||
| Publicly listed | $1.5B | $230M | $1.7B | 1.4x | ||
| Private | $327M | - | $1.5B | - | ||
| Publicly listed | $2B | $276M | $1.4B | 0.9x |
Flash Express Public Comps
Flash Express is still privately-owned, but its public comps include Hub Group, Xinhua Winshare, Alexandria Containers and Goods, Transfar Zhilian Co, STEF, Werner Enterprises, Flex LNG, Mullen Group, Mitsui-Soko Holdings and Pitney Bowes.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.9B | $333M | 0.6x | 0.7x | 7.4x | 9.4x | |||
| $1.7B | $248M | 0.4x | 0.4x | 2.9x | 3.4x | |||
| $160M | $102M | 11.4x | 10.5x | 17.9x | 14.4x | |||
| $3.7B | $258M | 1.0x | 1.3x | 14.0x | 12.5x | |||
| $5.9B | $508M | 0.6x | 0.6x | 6.8x | 6.0x | |||
| $3B | $299M | 1.0x | 0.9x | 10.3x | 7.7x | |||
| $348M | $240M | 9.1x | 8.8x | 13.1x | 11.9x | |||
| $1.5B | $230M | 1.5x | 1.4x | 10.3x | 9.1x | |||
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Common questions about Flash Express
| When was Flash Express founded? | Flash Express was founded in 2017. |
| Where is Flash Express headquartered? | Flash Express is headquartered in Bangkok, Thailand. |
| Is Flash Express publicly listed? | No, Flash Express is a private, VC-backed company. |
| What is Flash Express' valuation? | Flash Express was last valued at $2B in its Series F in December 2022. |
| How much funding has Flash Express raised? | Flash Express has raised $781M across 3 funding rounds. |
| What was Flash Express' last funding round? | Flash Express' last funding round was a $431M Series F in December 2022. |
| Who are Flash Express' investors? | Flash Express' investors include TT Oil and Retail Business, Krungsri Finnovate, SCB 10X, eWTP Capital, Cloud Angel Fund, Gaorong Capital, Buer Capital, Durbell, BlackRock and eWTP Technology & Innovation Fund. |
| What is Flash Express' revenue? | Flash Express' latest recorded revenue is $414M (December 2022). |
| What is Flash Express' revenue multiple? | Flash Express' latest valuation implies a 4.8x revenue multiple ($2B valuation on $414M of revenue). |
| Which companies are comparable to Flash Express? | Companies comparable to Flash Express include Werner Enterprises, Ninja Van, Loggi, Mullen Group, Veho and Fukuyama Transporting. |
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