JAKARTA. Charoen Pokphand (CP), the majority shareholder of PT Charoen Pokphand Indonesia Tbk (CPIN), recently acquired Chilindo, an e-commerce platform, for US$ 18 million. The acquisition is expected to strengthen CP's digital business lines.
The acquisition was announced on Monday (10/8), through CP's existing e-commerce platform, Ascend Commerce. Following this acquisition, Ascend Commerce will strengthen its WeMall e-commerce platform.
"Chilindo's plan to enter the international e-commerce market will strengthen the ability of Thai brands to compete globally," said Suphachai Chearavanont, CP Chief Executive through an official statement.
According to data compiled by idnfinancials.com, Chilindo currently serves more than 15 million customers and processes shipments of up to 900 thousand orders every month. This platform has become a rival for Lazada, Shopee, and JD.com.
Despite this, e-commerce only contributed 0.8% of the total retail market share, according to J.P. Morgan. Thailand's retail market share was recorded at US$ 26.2 billion.
For the record, CP just received funding of US$ 20 million on 1 December 2019. The funding came from a single investor, Orion Venture Partners, an investment and venture capital company from Hong Kong. (KR/AR)