WhatsNew Group, a Bangkok-based e-commerce company, is looking to expand into Indonesia as part of its ambitious Asian growth strategy.
The company is also seeking funding sources including venture capital funds. A deal with a venture fund is expected to be settled next month, said group chief executive Bounthay Khammanyvong.
WhatsNew is backed by Ardent Capital, founded by Adrian Vanzyl and Paul Srivorakul, who are also the founders of aCommerce and Ensogo websites.
Mr Bounthay said WhatsNew saw rapid growth in recent years thanks to a deliberate strategy of focusing on vertical marketing that provided a focused environment for specific product segments.
The company now owns and operates five e-commerce retail sites — Petloft, Venbi, Sanoga, Lafema and Moxy.
WhatsNew recently acquired online lifestyle shopping portal Moxy for an undisclosed amount to expand its product offerings.
"We interlink between each of our sites allowing customers to use a single user login to access and purchase products from all five sites," said Mr Bounthay.
He said the rapid growth of e-commerce in Southeast Asia had resulted in both internal and external competitive forces, with international players such as Alibaba and Amazon looking to enter the market.
Unlike China, where Alibaba and Jingdong still largely enjoy a closed market, e-commerce players in Thailand have to move fast to stay competitive. Acquisition is the fastest and most strategic way to grow, he said.
Mr Bounthay said the acquisition of Moxy would enable WhatsNew to transform itself into a lifestyle brand website from a commodity product site.
"We are now ready to go overseas, aiming to become one of the leading e-commerce websites in Southeast Asia," he said.
As the e-commerce market becomes more saturated, there is an increasing need for companies to provide specialisation and an ultimate experience, he added.
WhatsNew saw up to 1,000% growth in orders in one year, making orders to purchase over 20,000 products with more than 1,000 brands.
The company could triple its profit margins after its inception in March 2013, said Mr Bounthay.