Line Man Wongnai, a Thailand-based food delivery company, has joined the country’s unicorn club after raising US$265 million in a series B round led by Line Corporation and Singapore’s GIC.
BRV Capital Management, PTT Oil and Retail Business, Bualuang Ventures, and Taiwan Mobile also took part in the round.
The latest investment will be used to expand the company’s service categories, recruit tech talent, and improve its tech infrastructure. It aims to employ more than 450 tech professionals by the end of 2022, and it also seeks to go public in the coming years.
A merger between on-demand and delivery firm Line Man and restaurant review platform Wongnai, the company employs over 1,000 employees across various verticals, including food delivery, grocery delivery, taxi, messenger, restaurant reviews, and restaurant solutions. It operates in all 77 provinces of Thailand, with options from 700,000 restaurants.
According to Line Man Wongnai, its monthly food orders grew by over 15x between January 2020 and August 2022, adding that it was the fastest growing food delivery platform in the country. It competes with homegrown Robinhood and Malaysia’s AirAsia super app.
In 2021, Thailand saw at least three companies become the first lineup of the exclusive unicorn club: logistics and ecommerce company Flash Express, fintech firm Ascend Money, and crypto startup Bitkub.
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