OnPoint, a SeaTown Holdings-backed e-commerce enabler in Vietnam, has announced its acquisition of CREA, one of Thailand’s e-commerce enablers, for an undisclosed sum.
The acquisition results in a Southeast Asian e-commerce enabler that serves more than 250 brands and hundreds of personnel that specialises in warehousing, live streaming, and end-to-end e-commerce operations, per the announcement.
OnPoint is backed by SeaTown Holdings, an indirect subsidiary of Temasek Holdings. SeaTown invested $35 million in the company in August 2022 as part of a $50 million Series B funding round.
CREA, on the other hand, secured a $25 million strategic investment in November 2021 from SuperOrdinary, a global distribution partner and brand accelerator for the beauty and personal care industry.
Based in Bangkok, CREA aims to help brands win millennials and Generation Z customers by creating solutions through social networks like Facebook, Instagram, LINE, Lazada, and Shopee.
The company was launched by Lazada co-founders Aimone Ripa di Meana and Alessandro Piscini in 2019.
OnPoint and CREA seek to serve over 600 million consumers and facilitate social and cross-border commerce in the next five years, according to the announcement.
“By combining our strengths, we are uniquely positioned to help brands succeed in the dynamic and fast-evolving digital economy of the region,” said OnPoint founder and CEO Tran Vu Quang.
The acquisition comes as Southeast Asia’s e-commerce market is poised for rapid expansion, with the region’s gross merchandise value projected to grow significantly from 2024 to 2030, according to the e-Conomy SEA 2024 Report by Bain & Company, Temasek, and Google.
In July, Temu, a cross-border e-commerce platform owned by PDD Holdings Inc, has quietly made its way into Thailand, marking its third market entry in Southeast Asia after the Philippines and Malaysia.
PDD Holdings operates a portfolio of businesses globally, including US-based e-commerce companies Temu and Pinduoduo.
Early this week, Japan-listed cosmetics giant Kose announced its acquisition of Thai holistic beauty and wellness brand Panpuri for about $79 million to $85 million.
