After struggling with intense e-commerce competition and looking for local partners for a year, South Korea e-marketplace 11street Thailand finally has a new investor: Chalermchai Mahagitsiri.
A source in the e-commerce industry confirmed Mr Chalermchai, chief executive and president of Thoresen Thai Agencies Plc, has personally invested in 11street Thailand.
The Department of Business Development said in its financial report that the executive committee of 11street now consists of Chalermchai Mahagitsiri, Usana Mahagitsiri and Kamolsuth Dabbaransi, the youngest son of former deputy minister Korn Dabbaransi.
Details of the deal have not been disclosed, including whether it is an acquisition or a joint venture.
Previously, 11street Thailand, owned by SK Telecom, had registered capital of 1.49 billion baht.
In 2017, the firm lost 943 million baht, while dropping 184 million in the previous year.
"Now is the right time for conglomerates and big corporations to invest in e-commerce platforms before it's too late," Jeon Hong-cheol, chief executive of 11street Thailand, recently told the Bangkok Post.
Mr Jeon said the opportunity to invest in the platform will last until 2022, while top players' platforms are estimated to generate US$1 billion (32.96 billion baht) each in gross merchandise value.
11street had aimed to be one of the leaders in the industry, but struggled to form a strategic partnership.
To date, 11street Thailand has 1.5 million products listed on its site.