After financing US $265 million in a series B investment headed by Line Corporation and Singapore’s GIC, Line Man Wongnai, a meal delivery service with headquarters in Thailand, became a member of the nation’s unicorn club.
Additionally, participating in the round were Taiwan Mobile, Bualuang Ventures, PTT Oil and Retail Business, and BRV Capital Management.
The most recent investment will be put to use expanding the company’s service offerings, hiring tech expertise, and enhancing its technological foundation. By the end of 2022, it hopes to have more than 450 tech specialists on staff. In the upcoming years, it also plans to go public.
The company, formed by the union of restaurant review site Wongnai and on-demand delivery service Line Man, employs over 1,000 people in a variety of fields, including food delivery, grocery delivery, taxi, messenger, restaurant reviews, and restaurant solutions. It offers choices from 700,000 eateries and operates in all 77 provinces of Thailand.
Line Man Wongnai said that between January 2020 and August 2022, the company’s monthly meal orders increased by almost 15 times, making it the nation’s fastest-growing food delivery platform. Its rivals include the domestic Robinhood and the AirAsia super app from Malaysia.
