Krungsri Finnovate (KFIN), a tech startup under Bank of Ayudhya (BAY), plans to raise another US$50 million worth of funds early next year to cover business operations for three years under a post-Covid-19 business strategy.
The company revamped its business strategy for the second half because of the pandemic, focusing its investment mainly in startups with high demand and growth potential following the outbreak.
Startups with high growth potential include food delivery, food tech, insure tech, agri tech, health tech, HR tech, ed tech, e-commerce, online payment, software-as-a-service (SaaS) and neobanking.
The company plans to invest in three startups by the end of this year, said managing director Sam Tanskul.
KFIN recently invested in a local prop tech, Icon Framework Co, its seventh startup investment, with total funding worth 100 million baht.
Icon has expanded services to mortgage lending and plans to grow the customer base, both provincial property developers and financial institutions, from 70 real estate clients and four banks. The firm wants to list on the Stock Exchange of Thailand in a few years.
Three other tech investments of KFIN also plan to list on onshore or offshore stock markets. These include ride-hailing and delivery firm Grab, local fintech Finnomena and prop tech Bannia.
The anticipated IPO deals would contribute to the return on investment of KFIN, said Mr Sam.
For the three-year business operation plan, KFIN has raised funds worth $50 million in total and already used $40 million.
The remaining $10 million is expected to be spent by this year-end with three investment deals in the pipeline.
"The Covid-19 crisis created both greater challenges and opportunities in tech startup investment," he said.
"We need to revamp our business strategy and focus on startups with high growth potential mainly, as well as helping to groom local startups."
KFIN adjusted its business strategy for the post-Covid-19 period and is focused on four key areas comprising strategic investment, financial return, future investment and investment value.
The company continues to seek investment opportunities both domestically and internationally, in Southeast Asia, China, Europe and countries with advanced innovations such as Israel.
