Officially launched on 7 July 2026, the new business originated from Not-Panthawat Nakvisut’s frustration 20 years ago, named “Thaimart Marketplace,” an online trading platform available as both a website and application, which Not describes as the first home for Thai entrepreneurs.
“Not-Panthawat Nakvisut,” Chief Executive Officer of Thaimart Marketplace Company Limited. In a special interview expanding on his keynote at the launch, he said he wants Thaimart to be the marketplace for Thai entrepreneurs, a Thailand Marketplace by Thais for Thais.
He affirmed that Thaimart did not start from zero on launch day but is the fourth product of an organization that had already laid the technological foundation, as he has always run a technology company.
“Currently, I have 120 software developers, 40 digital marketing staff, 40 video production personnel for online video shoots, and 80 call center agents handling CRM and customer inquiries. This is the system we have, and this Marketplace is our fourth product,” Not said.
The Thaimart CEO confirmed his business has always been driven by technology as the core and is confident the team’s backend technology can compete internationally, even though they are not pioneers of deep technology like global giants. He believes his team uses technology and commands AI skillfully.
“People say AI will replace developers, right? I say never, because I have developers who use AI as core tech, and I have human teams using AI. I’m not laying off staff but telling them, ‘You have to work five times harder, and I will raise your salary,’” Not explained.
At the opening event, Not recounted his start in digital two decades ago when the term Affiliate Marketing was unknown. He earned income as an affiliate for Amazon.com and from Google AdSense, making hundreds of thousands of baht per month.
A pivotal moment came one Black Friday when he earned 2 million baht in commissions but couldn’t withdraw the money because Amazon claimed he had “broken the rules,” although the rules had never changed when his earnings were smaller.
Similar incidents repeated multiple times. A website that earned 120,000 baht monthly from Google AdSense dropped to zero overnight due to algorithm changes. A football highlight page making 450,000 baht monthly was shut down after Facebook changed ad policies. Even “Lotto Plus” and “Lottery Plus,” which he built, were banned simultaneously on TikTok, Facebook, and YouTube despite being monthly advertisers spending tens of millions of baht on those platforms.
“I foolishly entrusted my future to a home that wasn’t mine,” Not summarized his 20-year lesson that motivated him to build his own platform, not just a business but an ecosystem no longer dependent on others’ rules.
Over the past five years, he systematically invested in his own team, including over 120 system developers, more than 100 marketing and production staff, and 70-80 CRM customer service personnel, totaling over 450 employees.
This contrasts with the Lottery Plus business alone, which requires fewer than 100 staff.
“We have been waiting for this day,” he said, explaining his upfront investment and defining himself as a “Tech Company” using technology on par with foreign players, including infrastructure on Google Cloud and AWS, and integrating AI to enhance development teams. He emphasized there is no plan to reduce developers but to use AI to boost efficiency.
Regarding funding, Thaimart uses 100% self-invested capital with no plans for external fundraising currently. Although the registered capital shown on the Ministry of Commerce website is only 1 million baht, he stressed that this is separate from the actual investment already totaling tens of millions of baht.
Not emphasized both on stage and in interviews the declaration of “7 Promises” that Thaimart adheres to, which are:
“I am not a deity, and Thaimart is not divine. We will make mistakes, but we will learn and take responsibility when we do,” Not said.
He reiterated in an interview that the core are the first and last promises under the concept “Fair First,” meaning fairness must come first, encompassing all other promises.
He also stressed that Thaimart differs from many platforms that heavily subsidize prices and distribute coupons to fight for market share. He affirmed Thaimart will not pursue that approach, viewing it as unwise spending for a newcomer with less capital than foreign competitors.
Instead of burning money, he chose to reduce fee burdens for stores from the start: no platform commission (GP) fees in the first year for stores opening between 7 July 2026 and 6 July 2027, then transitioning to a tiered fee structure in subsequent years with a ceiling of no more than 10% from year four onward, excluding VAT.
“Merchants know they’ll pay 30% platform fees anyway, so we incentivize them to lower prices on our platform. Merchants can survive, buyers get cheaper goods, entrepreneurs profit, and I get users,” Not explained the logic he believes will naturally make Thaimart’s prices lower than competitors without loss-making subsidies.
Regarding product credibility, he emphasized “Authentic products must be Thaimart.” He believes attracting brand owners who have faced counterfeiting and consumers who encountered fakes to move to Thaimart is a success from the start, because “Thais don’t just want cheap products; they want quality and authentic goods.”
Asked about defining success, Not clearly said it is not GMV figures or fundraising amounts many platforms focus on, but the “size of smiles and profits of Thai entrepreneurs” under a strategy he calls Partner Success or “When friends prosper, we succeed.” He believes if merchants truly profit, the overall economy improves, and Thaimart will grow alongside.
For the business timeline, the first year focuses on developing the app to be the best user experience in the market before expanding the customer base in the second year.
He said he does not seek short-term profits and expects to break even in about 4-5 years. In the long term, he dreams of Thaimart as a bridge to help Thai SMEs compete globally, similar to Alibaba’s role for Chinese entrepreneurs, but stressed the importance of first strengthening the domestic market.
Before concluding, Not said he does not want the government to specially favor Thai platforms but wants all platforms to compete under the same rules, not allowing deeper-pocketed players to dominate the market by spending heavily alone.
“I want fair competition. It’s not necessary to side with Thai platforms, but I ask that all platforms compete on the same rules, not whoever has money just throws money around,” Not emphasized.
Throughout the under-one-hour conversation, the clearest takeaway was not the business plan or upcoming features but the tone of Not-Panthawat Nakvisut, CEO of Thaimart Marketplace, who has experienced bans, page shutdowns, and countless financial losses.
He is proving that the word “promise” still carries meaning in a business where many Thai entrepreneurs feel they have no one to rely on.
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