AnyMind eyes Thai deals in expansion drive
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AnyMind eyes Thai deals in expansion drive

Firm identifies good M&A opportunities

AnyMind eyes Thai deals in expansion drive
Mr Sogo said Thailand is one of AnyMind's key markets in Asean, in addition to Indonesia and Vietnam.

AnyMind Group, a Japan-based e-commerce enablement firm, is looking to pursue M&A deals in Thailand to expand into more services and capture a new customer base in the country following its latest Series D fundraising of US$29.4 million.

The company has secured total funding to date of $91.7 million.

"The funds will be used to strengthen the company's advancement in the commerce enablement space and fund future acquisitions, both in Japan and internationally," said Kosuke Sogo, chief executive and co-founder of AnyMind.

To date, AnyMind has bought seven companies in the region, including in Japan, Hong Kong, Thailand and India.

The acquisitions were aimed at acquiring a company's leadership, expanding into new businesses or regions, gaining additional sales channels, or all three, he said.

"Despite Covid-19 and geopolitical situations impacting the world, we have still been able to achieve solid growth as a business," said Mr Sogo. "We are seeing economies across Asia, including our operating markets of Asean and India, rapidly regaining growth momentum."

In 2021, the firm recorded revenue of $174 million with a compound revenue growth rate of 62% from 2017-2021.

Mr Sogo said that Thailand is one of its key markets in Asean, apart from Indonesia and Vietnam.

Mr Sogo also told the Bangkok Post that Thailand is one of its key markets in Asean, apart from Indonesia and Vietnam. "We are very open to exploring M&A opportunities," he said.

"We have a shortlist of companies that we are considering that can either enhance our existing offerings or open up new customer segments for us to deliver our technology to their customer base."

In March 2019, AnyMind acquired Thai influencer network Moindy for business synergies.

"The founder of Moindy is now our Thailand country manager, and we also created a business line for influencers and content creators, and scaled Moindy's expertise in engaging with them into our other markets," said Mr Sogo.

According to Mr Sogo, e-commerce in Thailand follows the same trend as in Japan, where there are a range of vertical and horizontal e-commerce marketplaces.

"For example, apart from horizontal marketplaces such as Shopee and Lazada, we will also see more vertical marketplaces like fashion and beauty, and electronics," he said.

"This will mean the e-commerce space in Thailand will be even more messy, fragmented and resource-intensive, which is why we're looking to advance next-generation commerce, where business can be done through a single platform.

"Data can be utilised and maximised freely across traditionally siloed business functions."

The firm, which was founded in Singapore in 2016, has operations in 17 offices across 13 markets, with over 1,000 staff from 27 nationalities.

In February, AnyMind was approved for listing on the Tokyo Stock Exchange but decided to postpone the IPO due to the Russia-Ukraine war and various economic circumstances.

"The timing is still under consideration," said Mr Sogo.

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