Officially launched on 7 July 2026, the new business originated from the frustrations experienced 20 years ago by Not-Phanthawat Nakvisut, under the name “Thaimart Marketplace,” an online trading platform available as both a website and an app. Not describes this as the first home for Thai entrepreneurs.
“Not-Phanthawat Nakvisut,” Chief Executive Officer of Thaimart Marketplace Company Limited. In a special interview following his keynote speech at the launch, he explained that he envisions Thaimart as a marketplace for Thai entrepreneurs—a Thailand marketplace by Thai people for Thai people.
He emphasized that Thaimart did not start from scratch at the launch date but is the fourth iteration of an organization that had previously established its technology foundation, as he has always operated a technology company.
“Currently, I have 120 software developers, 40 digital marketing staff, 40 people in video production creating online videos, 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 that his business has always been driven by technology at its core and expressed confidence that the backend technology team can compete internationally. Although not a pioneer of deep technology like global giants, he is confident his team proficiently uses technology and commands AI effectively.
“People say AI will replace developers, right? I say never, because I have developers who use AI as core technology and a human team that uses AI. I’m not laying off staff; I tell them they need to work five times harder, and I will raise their salaries,” Not explained.
At the event’s opening, Not reflected on his digital industry beginnings two decades ago when Affiliate Marketing was unknown. He earned income as an affiliate for Amazon.com and from Google AdSense, making monthly revenues in the hundreds of thousands of baht.
A turning point came one Black Friday when he earned 2 million baht in commissions but could not withdraw the money because Amazon claimed he had “violated rules,” even though the rules had never changed when earnings were lower.
Similar incidents occurred repeatedly. A website that previously earned 120,000 baht monthly from Google AdSense dropped to zero overnight due to search algorithm changes. A football highlight page that earned 450,000 baht monthly was shut down after Facebook changed advertising policies. Even “Lottery Plus,” which he developed, was banned simultaneously on TikTok, Facebook, and YouTube despite being a monthly advertiser spending tens of millions of baht on those platforms.
“I foolishly entrusted my future to a house that wasn’t mine,” Not summarized the 20 years of lessons that motivated him to create his own platform ecosystem, no longer dependent on others’ rules.
Over the past five years, he has systematically invested in building his own team: more than 120 system developers, over 100 marketing and production staff, and a 24-hour customer service CRM team of 70-80 people, totaling over 450 employees.
This is despite the fact that the Lottery Plus business alone would only require fewer than 100 people.
“We have been waiting for this day,” he said about his prior investments, defining himself as a “Tech Company” using technology on par with international players, including infrastructure on Google Cloud and AWS and integrating AI to support system development. He reiterated there is no plan to reduce developers but to have everyone use AI to improve efficiency.
Regarding funding, Thaimart has used 100% of its own capital with no current plans for external fundraising. Concerning the registered capital of Thaimart Marketplace Company Limited, noted on the Ministry of Commerce website as only 1 million baht, he emphasized this differs from the actual investment, which has reached tens of millions of baht so far.
Not reiterated both on stage and in interviews the announcement of “7 Promises” that Thaimart will uphold, consisting of:
“I am no angel, and Thaimart is no angel. We will certainly make mistakes, but we will learn and take responsibility when we do,” Not said.
He emphasized in interviews that the core is the first and last promises under the concept of “Fair First,” meaning fairness comes first, encompassing all other promises.
He also stressed that Thaimart differs from many platforms that heavily subsidize prices and distribute coupons to capture market share. He insists Thaimart will not pursue that strategy, considering it unwise for a new player with shorter financial endurance compared to foreign capital.
Instead of burning money, he chose to reduce fee burdens on sellers from the start by waiving platform fees (GP) entirely in the first year for stores opening from 7 July 2026 to 6 July 2027. Afterwards, fees will transition to a tiered structure capped at no more than 10% from the fourth year onward, excluding VAT.
“Sellers know they have to pay 30% platform fees anyway, so we incentivize sellers to lower prices on our platform. Sellers survive, buyers get cheaper goods, and I get users,” Not explained the logic he believes will naturally make Thaimart’s prices lower than competitors without relying on loss-making subsidies.
Regarding product credibility, he champions the stance “Genuine goods must be from Thaimart.” He believes attracting brand owners who have suffered counterfeiting and consumers who have encountered fakes to move to Thaimart is a success from the start because “Thai people don’t want cheap goods; they want quality and authentic products.”
When asked about defining success, Not clearly stated it is not about GMV numbers or fundraising totals as many platforms focus on, but about the “size of smiles and profits of Thai entrepreneurs” under a strategy he calls Partner Success or “Friends Getting Rich Means We Succeed.” He believes that if sellers truly profit, the overall economy will improve, and Thaimart will grow together.
The business timeline focuses on developing the app during the first year to offer the best user experience in the market, then expanding the customer base in the second year.
He said he does not seek short-term profits and estimates breaking even in approximately 4-5 years. His long-term vision is for Thaimart to be a bridge for Thai SMEs to compete globally, similar to Alibaba’s role for Chinese entrepreneurs, while emphasizing the importance of first building domestic strength.
A Message to the Government: Just Equal Rules
Before concluding, Not said he does not want the government to favor Thai platforms specially but desires all platforms to compete under the same rules, rather than allowing deep-pocketed players to dominate the market by outspending others.
“I want fair competition. It’s not necessary to favor Thai platforms, but I ask that every platform competes under the same rules, not just the one with the most money winning by throwing cash,” Not emphasized.
Throughout the less than one-hour conversation, what stood out most was not business plans or new features being launched gradually, but the tone of Not-Phanthawat Nakvisut, CEO of Thaimart Marketplace, who has experienced bans, page shutdowns, and multiple financial losses.
He is proving that the word “promise” still holds meaning in a business where many Thai entrepreneurs feel they have no one to rely on.
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