Singapore-based Thor Group achieves positive earnings for both Q4 2020 and Q1 2021 with unique two-pronged business model
Thor Group emerges as a new dark horse in entertainment sector in Asia Pacific.
SINGAPORE, March 12, 2021 /PRNewswire/ -- Thor Group growing prominence in SEA and South Asia's entertainment sector has yielded the two-year-old firm positive earnings for both the fourth quarter of 2020 and the first quarter of 2021. The company says it owes the success to its innovative business model combining scenario-based consumption and merchandising operations by precisely targeting consumers based on their scenario-specific consumption habits.
Thor's product lines span three sectors that are going through a substantial amount of transformation in the Southeast and South Asian markets: gaming, finance and e-commerce. In 2020, the company experienced accelerated growth and expanded into a number of emerging markets, including Bangladesh, Egypt, India, Pakistan, the Philippines, Thailand and Vietnam, by providing consumers there with products that meet their evolving expectations. The approach served to deliver profits over the past two quarters.
Thor Group has built its success on its outstanding assets, including the founding team, whose members have each made significant contributions to company growth. The multinational founding team includes members from France, Hong Kong, India, mainland China and Taiwan. The operations and R&D units bring together young professionals from around the world who have extensive experience in global business operations and have previously held positions at numerous listed international firms encompassing a wide array of sectors across the internet, social and gaming spheres. Thor is backed by Blackfish Technology, a leading membership-based e-commerce platform with broad experience in online shopping. Notably, at an early stage of development, Blackfish Technology had received USD 100 million in investment from a number of established institutional investors, among them, Lightspeed Venture Partners, Lightspeed China Partners, Rakuten Ventures, 5Y Capital (formerly known as Morningside Venture Capital), JAFCO Asia, Gobi Partners, China Growth Capital and Axpfund.com.
Company head Frank Lee said, "Thor Group, headquartered in Singapore and incubated by Blackfish's management team and investors, attributes its success to the founding team who had created a new business model and increased the company's revenue sources by expanding its channels and user base through capitalizing on the market trends in the mobile internet era. With a growing team of professionals and the continuous improvement in the industry chain over the past few years, the firm plans to roll out a cross-border ecommerce platform targeting European users in the second quarter of 2021. This is in line with the company's long-term development strategy and also represents a strategic change that it has made to embrace the new consumption trends in international markets."
Looking forward, Thor Group seeks to create a diversified global brand incubation center by leveraging its two-pronged business model: scenario-based consumption and merchandising operations, coupled with its key competitiveness in international finance, technology, gaming and e-commerce, with the aim of further enhancing its international competitiveness.
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