Line Man Wongnai now Thailand’s largest tech startup
Line Man Wongnai became Thailand’s largest tech startup by valuation thanks to a new round of funding.
Singapore sovereign wealth fund, Capital Market Company (GIC), led the latest funding round that managed to raise 10.1 billion baht for the Thai food delivery app and in doing so made it Thailand’s latest unicorn company.
Line, Taiwan Mobile, BRV Capital Management and PTT Oil & Retail Business all contributed to the Series B round of funding. The company is now valued at about 38 billion baht (US$1 billion) and is Thailand’s largest tech startup by valuation.
Line Man Wongnai chief executive officer Yod Chinsupakkul announced that the proceeds from the fundraising will be used to strengthen the food delivery business, expand the technology team and increase its workforce.
He said…
“The success of this fundraising is an important milestone for Line Man Wongnai. Thanks to GIC, LINE and other investors. That gives us the opportunity to make a significant change and become a National Champion in Thailand’s food delivery industry.
“Food has been our root since Wongnai co-founded and now we have achieved our dream of connecting millions of customers with many restaurants. We are also proud to be able to create jobs for more than 100,000 riders across the country. With many riders earning more than two times the minimum wage, we are committed to pushing Thailand forward by developing excellent services for Thai people for Thai people to have a better life.”
Line Man Wongnai has three main business groups, on-demand services, retail, and a restaurant solutions group.
On-demand services: LINE MAN’s services cover food, goods, messengers and taxi delivery, with the food delivery business having a monthly order growth rate of more than 15 times between January 2020 and August 2022. Considered to be the fastest-growing food delivery service in Thailand, Line Man covers 77 provinces across Thailand. And there are more than 700,000 restaurants on the platform, the most in the market.
Retail and Restaurant Solutions Group: Wongnai has a database of more than 1 million stores and restaurants across Thailand. Bring to provide a service to search for restaurant information and reviews from real users, including Wongnai POS, restaurant management system and sales through delivery. It is the market leader in POS for restaurants. And there are more than 50,000 restaurant operators in use.
Value Added Business: With a large delivery user base including users, drivers and restaurants. Bringing new businesses that add value to all sectors in the ecosystem. There are both advertising business for restaurants. and financial services business.
Line Man Wongnai was established in 2020 as a merger between Line Man on-demand platform and Wongnai restaurant review platform.
SOURCE: Forbes
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