Thailand's Line Man Wongnai snaps ups $265m in funding
Promotional image for Line Man Wongnai (Line Corp.)
Global messaging app provider Line Corp. said Tuesday that Line Man Wongnai, its delivery platform operated in Thailand, has raised $265 million in a funding round led by Line Corp. and Singapore's sovereign wealth fund GIC.
Other investors in the Series B funding include BRV Capital Management, PTT Oil and Retail Business Public Co., Bualuang Ventures and Taiwan Mobile.
With the new investment, Line Man Wongnai's value topped $1 billion, becoming Thailand's largest tech startup unicorn.
The funding will be used to strengthen its market position in the food delivery market, expand new services, recruit tech talents and improve IT infrastructure, according to the company. It plans to employ up to a total of 450 talented tech professionals by the end of this year.
After increasing its market share, Line Man Wongnai aims to go public in Thailand, a Line Corp. official said.
“It is a dream come true to connect with millions of users with the largest number of restaurants. We are also proud to create over 100,000 jobs for riders, most of whom earn more than twice the minimum wage,” said Yod Chinsupakul, Line Man Wongnai CEO, in a statement. “We promise to bring the best and tailored products and services to help Thai people have a better life.”
Line Man Wongnai was founded in 2020 upon a merger between Line Man, an on-demand assistant app operator, and Wongnai, a restaurant review platform, both based in Thailand. The company offers services including food and grocery delivery, taxi hailing, along with messenger and analytic solutions for restaurants.
By Byun Hye-jin (firstname.lastname@example.org)