Chaixi Corporation, the Thai street food franchise operator, aims to expand its brand overseas amid sluggish economic growth domestically.
"The Thai street food industry is stable this year as a result of the current economy," said Anuchit Sapa-asa, president of Chaixi Corporation.
Moreover, Chaixi's sales and traffic growth are also easing due to an increasing number of competitors.
However, Mr Anuchit is still confident that there is room for Thai street food to grow and he aims to maintain the company's sales throughout the current economic slowdown.
Chaixi Corporation has seven street food brands under its umbrella. These include Chaixi Bameekiao, Chaixi Plus, Ali Mee Halal and OMG Grilled & Fried Meatballs, which are offered via more than 4,500 outlets.
Mr Anuchit said this year the company plans to build three new distribution hubs in the provinces of Nakhon Ratchasima, Yasothon and Songkhla.
At present, Chaixi Corporation has seven noodle production facilities, including two in the Northeast, two in the South, and one each in the North, Central, and East.
Moreover, the company has added businesses offering high potential such as the Ayutthaya-based "Crying Tiger Boat Noodles" and "Brix Dessert Bar" to its portfolio.
Chaixi Corporation has opened a handful of branches in Laos, Myanmar and Cambodia since 2008.
For future growth, the company aims to continue to expand its business to other Asian countries.
Mr Anuchit said the company plans to set up a joint venture company with the Cabalen Group, a Filipino restaurant chain, to build a noodle factory and distribute its products via Cabalen's restaurants.
The company is also in talks with a Japanese company with a view to producing noodles for use in instant cup noodles.
The company hopes its product will enter Japan's supermarkets by 2025.
The company plans to use the Chaixi Bameekiao brand to enter both Japan and the Philippines.
In 2021, the company said it aimed to be listed on the Stock Exchange of Thailand (SET).
Mr Anuchit said currently the company will not file its IPO plan with the SET and Securities and Exchange Commission this year, but it plans to do so over the next three years.
The company aims to achieve revenue of 1.5 billion baht this year, a 20-25% increase over 2023.
"The company targets, in the short-term, before the IPO, the franchise business to account for 80% of total revenue and overseas restaurant business to account for 20% of total revenue," Mr Anuchit noted.