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Thai food delivery unicorn Line Man Wongnai acquired local POS startup FoodStory

Line Man Wongnai, the largest Thai food delivery company, today revealed that it had purchased FoodStory, a startup that specialized in point-of-sale (POS) systems for restaurants, for an undisclosed sum.

Line Man Wongnai’s restaurant management operations, including its POS system and mobile merchant app, are intended to be strengthened by the acquisition.

FoodStory, a company founded in 2012, offers F&B retailers management services for dine-in and delivery customers. Additionally, it runs FoodStory Market, an online marketplace for restaurant supplies and raw ingredients.

FoodStory’s series B funding round, which was led by Beacon VC, the venture capital division of Kasikornbank, raised an undisclosed amount in 2021.

More than 50,000 restaurants in Thailand are already using FoodStory’s POS system, according to Line Man Wongnai COO Ekaluck Viriyakovithya.

“After the Covid-19 pandemic has subsided, the market continued to expand, and new innovation is needed to operate the store in a more holistic and integrated way,” he said in a statement.

After raising US $265 million in a series B in 2022, Line Man Wongnai became a unicorn. Since then, the company has been considering an IPO in its home market.

According to a recent estimate by venture developer Momentum Works, the company holds about 24% of the Thai food delivery market.

 

 

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