Hong Kong-based online tutoring platform Snapask plans to launch in Thailand in the next two weeks, but the chief of the Thai arm says the firm doesn't have a profitability target date yet.
The company, sometimes referred to as the "Uber of tutoring", allows middle and high school students to "snap" pictures of questions and have them answered by one of the platform's tutors -- usually university aged -- in an average of 10-15 minutes.
Snapask, launched in 2015, has over 400,000 customers. The platform has been profitable in early operations in Hong Kong and Taiwan, but not in Indonesia, Malaysia or South Korea, where it launched four months ago.
Asked about when these markets will be profitable, founder and chief executive Timothy Yu said: "We are talking about 5-10 years, or even a multi-decade game. Instead of a time frame for profitability, it is more important that we fulfil our educational mission. This goal is in line with what our team, partners and investors believe."
In Thailand, the company is launching in collaboration with Chaval Jiaravanon, the 23-year-old grandson of CP chairman Dhanin Chearavanont. Asked about potential profitability in Thailand, Mr Chaval said there is not a target date because the company is investing extensively in the product and building a user base.
Snapask has raised US$6 million (188 million baht) to date from Indonesian venture capital firm Kejora Ventures, Hong-Kong based Welight Capital, and Cai Wensheng, chairman of Hong Kong-listed photo editing app company Meitu.
The firm is closing its Series A funding round in the coming weeks, but Mr Yu declined to provide further details until the round is finalised.
The company hopes to enrol over 4 million users in Southeast Asia. Mr Yu said there are 4 million potential users in Thailand and close to 30 million in Southeast Asia. South Korea and Japan could add 10 million users each.
The service will target both international and Thai students. Asked when the service would pass the 100,000 user mark in Thailand, Mr Chaval said no exact date was targeted.
"We will focus on addressing the pain points of students first," he said.
In Malaysia the company signed up 50,000 customers in four months, which represents close to 2-3% of the market.
Pricing of the service varies by market. In Hong Kong students pay $80 for an unlimited number of questions.
"Tutors get paid one Singaporean dollar per question, depending on the market. Some students on the unlimited package ask 200-300 questions per month during exam season. It's like a buffet. You might make money on some people and lose from others."
In Thailand unlimited packages will start at 1,667 baht. Like in Indonesia, students will also have the option of purchasing packages that start at 179 baht per five questions.
In places like Singapore, top tutors can earn up to SGD200 (4,800 baht). The rates paid to tutors in Thailand are yet to be worked out, but Mr Yu said they will be benchmarked to the rates at cram schools and tutoring centres.
Mr Chaval said the service is intended to complement, not replace traditional tutors.
The company said it may work with stakeholders like textbook producers to improve the design of educational materials.
"It's a revenue stream we may tap into, but we look at it more as an opportunity to provide a more personalised educational experience," said Mr Yu.
