Gigit Aims to Digitize Thailand's Informal Service Economy
A new platform, gigit, seeks to address issues within Thailand's informal service economy by securely connecting service providers and customers.
Bangkok, Thailand – Startup gigit has launched a new platform aimed at formalizing Thailand's extensive yet fragmented informal service sector. The company was founded by Daniel Austin and Piyamon Phomnayramit, who experienced firsthand the frustrations of finding local service providers through social media channels.
In Thailand, a significant portion of services, such as home maintenance and small repairs, are still sourced through informal channels, predominantly Facebook groups. However, these platforms suffer from a lack of identity verification and secure payment methods, leaving users vulnerable to fraud. Recent estimates suggest online scams have cost Thai users nearly US$1 billion.
Gigit offers a solution by consolidating the process of finding and hiring service providers on a centralized platform. The service requires providers to undergo robust identity verification and showcases their work history and customer reviews. Customers can post job requests, compare offers, and conduct secure in-app transactions via Kasikornbank Global Payment. Funds are held in escrow until the task is confirmed as completed by the customer.
The platform's market potential is substantial, particularly in the Bangkok metropolitan region, where service spending is estimated at US$1.1 billion annually. Gigit has already completed a successful pilot program, with 130 job requests leading to 65 paying customers and the onboarding of 35 service providers. The company plans to seek external funding in 2027.