Thailand’s oil major PTT sets up venture capital fund for Southeast Asian startups
Thailand’s PTT Oil and Retail Business, or PTT OR, a unit of state-controlled oil and gas firm PTT, is increasingly venturing into the non-petroleum business and is planning to invest in startups in Southeast Asia as part of the diversification strategy of the entire group.
According to a report by Bangkok Post published on October 8, PTT OR is particularly interested in the areas of mobility and lifestyle with a venture capital fund it recently co-established.
PTT OR’s division PTTOR International Holdings (Singapore) has teamed up with 500 TuksTuks, the Thai unit of US venture capital firm 500 Startups, to set up a fund named “Orzon Ventures.”
The fund will support investments in the “most promising startups” in Thailand and Southeast Asia to seek opportunities to create new rapidly growing businesses, the company said.
Up to $50 million in venture capital
PTTOR International Holdings will initially invest $25 million in the fund, with an option to increase it to $50 million in the future, it added.
Jiraphon Kawswat, president and chief executive of PTT OR, expects the fund will support one to two startups by the end of this year, the report said, adding that startup investments were part of the company’s capital spending strategy which involves up 75 billion baht ($2.22 billion) up to 2025.
The company plans to allocate 15% of the capital expenditure for new non-oil businesses, he added.
The company is already invested in a Thai organic restaurant chain and logistics firm Flash Express which will synergise with 2,000 PTT gas stations and 3,200 Cafe Amazon outlets operated by PTT OR country-wide for delivery and pick-up services.
[caption id="attachment_37676" align="alignleft" width="300"] Thailand's PTT ventures into the startup business[/caption] Thailand’s PTT Oil and Retail Business, or PTT OR, a unit of state-controlled oil and gas firm PTT, is increasingly venturing into the non-petroleum business and is planning to invest in startups in Southeast Asia as part of the diversification strategy of the entire group. According to a report by Bangkok Post published on October 8, PTT OR is particularly interested in the areas of mobility and lifestyle with a venture capital fund it recently co-established. PTT OR’s division PTTOR International Holdings (Singapore) has teamed up with 500 TuksTuks,...
Thailand’s PTT Oil and Retail Business, or PTT OR, a unit of state-controlled oil and gas firm PTT, is increasingly venturing into the non-petroleum business and is planning to invest in startups in Southeast Asia as part of the diversification strategy of the entire group.
According to a report by Bangkok Post published on October 8, PTT OR is particularly interested in the areas of mobility and lifestyle with a venture capital fund it recently co-established.
PTT OR’s division PTTOR International Holdings (Singapore) has teamed up with 500 TuksTuks, the Thai unit of US venture capital firm 500 Startups, to set up a fund named “Orzon Ventures.”
The fund will support investments in the “most promising startups” in Thailand and Southeast Asia to seek opportunities to create new rapidly growing businesses, the company said.
Up to $50 million in venture capital
PTTOR International Holdings will initially invest $25 million in the fund, with an option to increase it to $50 million in the future, it added.
Jiraphon Kawswat, president and chief executive of PTT OR, expects the fund will support one to two startups by the end of this year, the report said, adding that startup investments were part of the company’s capital spending strategy which involves up 75 billion baht ($2.22 billion) up to 2025.
The company plans to allocate 15% of the capital expenditure for new non-oil businesses, he added.
The company is already invested in a Thai organic restaurant chain and logistics firm Flash Express which will synergise with 2,000 PTT gas stations and 3,200 Cafe Amazon outlets operated by PTT OR country-wide for delivery and pick-up services.
