ChomCHOB, a leading point exchange platform in Thailand, announced 50 million baht in funding to close its series A funding round with InVent by Intouch Holdings (leading) including, 500 TukTuks, SIX Network and Thai Investors who made previous investments in ChomCHOB.
Dr. Narongpon Boonsongpaisan, Head of InVent by Intouch Holdings PLC., shared, ?We see ChomCHOB as the first point loyalty revolution with over 2 million user downloads. It transforms the silo-based loyalty points to increase point liquidity in loyalty schemes by allowing customers to earn and redeem points freely across different rewards programs, which creates an interlinked and digitalized point ecosystems.
Moreover, loyalty data can be leveraged to improve the shopper experience and support cashless society. This experience is the differentiator and able to thrive in digital era. We capitalize on ChomCHOB?s technology to improve customer experiences as we see the opportunity for this untapped market to provide a unique offering and to help customers to optimize their points with a simple and seamless way.
Ms. Pahrada Sappasert, Director of 500 Tuktuks, shared, ?We see the potential for ChomCHOB to tackle a large problem in the market which is unused loyalty points with over 47 billion points rewarded every year but only a small portion of that is actually redeemed. With the founding team?s experience, we believe they solve this problem at scale and even expand to offer customers even more services to tackle adjacent issues such as investment?
Mr. Vachara Aemavat, Co-Founder and Co-CEO of SIX Network, shared, ?We see ChomCHOB as our strategic partner to help SIX Network succeed in our mass adoption objective. With over 500,000 merchants, we could easily connect with them through ChomCHOB platform.?
Mr. Nout Chutisowan, CEO and Co-Founder of ChomCHOB, shared, ?Since ChomCHOB was established in 2015, currently the customers? based of ChomCHOB comprises more than 3 million customers and 500,00 merchants. We are still developing our point centralized platform to be the most complete one for customers. Our customers can combine all points and use them for shopping, eating or chilling, moreover they can use points for saving with ChomCHOB?s new feature - Harvest Point - where their points are more valuable than earlier.?
The company plans to expand ChomCHOB across the region to serve for the growing population of digital economy and to be no.1 point exchange platform in Southeast Asia within 2025. The growth of ChomCHOB will be aligned with the untapped market for reward points with a total of 300,000 million points, converted from 30,000 million baht of money value annually in Thailand (Source: The Nilson report and Bank of Thailand). Moreover, ChomCHOB is expected to use the funding to improve its IT infrastructure to scale the platform, expand the team and promote marketing activities which allows ChomCHOB to grow 10 million users with 500 million Baht in revenue by an increase in numbers of merchant, partners, point accumulation programs, and to provide more variety and innovative uses cases where user can enjoy the extensive range of products and services in order to strengthen footprint in Thailand.
About Chomchob
ChomCHOB application is Centralized Point Platform in which everyone can combine credit card points and member card points to be ChomCHOB points within ChomCHOB application and bring ChomCHOB points to exchange for everything you want such as shopping, chilling and eating. Your points will be more valuable, and everyone can get the valuable rewarding for your life when you combine into ChomCHOB application. ChomCHOB application, stepping into the 5th anniversary this year, is the most complete centralized point platform in Thailand with more than 3 million users.
For more information, please visit https://www.chomchob.com/
About InVent by Intouch Holdings
InVent is a Corporate Venture Capital of Intouch Holdings PLC (SET: INTUCH) which invests in high-growth and emerging technology startups. InVent is the pioneer CVC in tech startup ecosystem in Thailand. Currently, InVent invests in promising startups across all stages, which are based primarily in Thailand and Southeast Asia and other regions. InVent is committed to helping companies to innovate, grow and expand by leveraging our industry experience and network. Our industry focus is across a wide range of sectors; Telecommunication and Infrastructure, IT-related businesses, Digital Lifestyle, Cloud Computing, Artificial Intelligence, 5G-related Technology, IoT, Cybersecurity, Smart Cities and other Smart Solutions. Since 2012, InVent has already invested in more than 20 startups covering a range of industries and technology.
For more information, please visit http://www.inventvc.com/