Financial details of the acquisition were not disclosed but local media reports estimated a price tag of at least THB250 million ($8 million).
On its Facebook page, Tarad.com confirmed the majority stake acquisition, which will be carried out by TCC’s digital arm, T-Space Digital Co.
Established this month with a registered capital of THB1 million ($32,000), T-Space will hold a 51 per cent share in Tarad.com while founder Pawoot Pongvitayapanu will hold the remaining 49 per cent. Pongvitayapanu will continue to manage the e-marketplace operator.
The acquisition was sealed after one year of negotiations, according to Marut Burannasetkul, president and chief executive of T-Space, a subsidiary of Adelfos, the digital and media investment arm under TCC Group.
TCC Group has five businesses spanning food and beverage, industrial and trade, insurance and finance, property, and agriculture.
Established in 2001, Tarad.com has around 200,000 merchants and is among the top 10 e-commerce businesses in the country. It operates tarad.com, tarad-plaza.com, taradquickweb.com, and ThaiSecondhand.com.
Rakuten acquired 67 per cent of Tarad.com in 2009 for $3.35 million but sold its stake back to the Thai firm in 2016 following a strategic overhaul of the Japanese firm’s business in Southeast Asia.
Thailand’s e-commerce market has been projected by Google and Temasek to become the second biggest in Southeast Asia after Indonesia by 2025, capturing nearly 13 per cent of the overall market. Online retail in the country is forecast to reach $5.31 billion in 2021, an increase of 1.8 times from a projected market volume of $2.95 billion in 2017.