Konvy Secures $11 Million in Series A Funding

Leading Thai online beauty product e-commerce platform Konvy has successfully secured $11 million in Series A funding. This financial boost, led by prominent investors, marks a significant milestone in the company's growth journey.

Transaction Snapshot

  • Deal Value: $11 million
  • Deal Type: Series A
  • Investors: New Day Ventures Limited, Alibaba International Digital Commerce Group, Insignia Ventures Partners

Konvy, a Thai online beauty product e-commerce platform, has recently raised $11 million in Series A funding. The funding round was led by New Day Ventures Limited, a subsidiary of Robinsons Retail Holdings, Inc., and included notable investors such as Alibaba International Digital Commerce Group (Alibaba International) and existing investor Insignia Ventures Partners. This round of funding has attracted significant attention in Thailand, highlighting Konvy's growing influence in the e-commerce sector.

Founded in 2012 by Chinese entrepreneur Huang Qinggui, Konvy has established itself as a leader in Thailand’s e-commerce space, particularly in the beauty industry. The platform boasts a vast selection of over 1,000 beauty brands, both international and local, featuring more than 20,000 SKUs. Among the renowned brands available on Konvy are L'Oréal, Shiseido, Sulwhasoo, 3CE, and La Roche-Posay.

In 2023, Konvy reported an annual revenue of approximately $32 million. The platform manages its entire supply chain, marketing, and distribution processes, generating profits ranging from 30% to 40%. Over the years, Konvy has expanded its presence on various mainstream platforms like Lazada, Shopee, and TikTok, solidifying its status in the beauty industry.

The Thai beauty market, according to Statista, is expected to reach $4 billion in the beauty, health, personal, and home care sector by 2021, with the entire e-commerce sector valued at $19.6 billion. By 2025, these figures are projected to grow to $6.4 billion and $33.6 billion, respectively. The skincare segment dominates the beauty sector with a 42% revenue share. Konvy notes the high profitability of beauty products in Thailand, with margins between 10% to 20%, attracting investor interest in local beauty brands.

Looking ahead, Huang Qinggui, Konvy's founder, plans to assist more Chinese brands in their global expansion. Konvy is developing additional channels to support Chinese brands' international growth. The company has already entered the Philippine market and is expanding its reach to Malaysia and Myanmar, with the goal of aiding Chinese beauty brands in covering more markets overseas.

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