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Line Man Wongnai , an on - requirement food saving service in Thailand , is moot an initial public offering on a Thai exchange or the U.S. in 2025 , the company ’s chief operating officer and co - founder , Yod Chinsupakul , allege in an exclusive consultation with TechCrunch .
Line Man Wongnaihas yet to settle where it will set up the IPO , but a treble listing in Thailand and the U.S. is not off the cards , Chinsupakul tell .
The company is back by Singapore ’s sovereign wealth investment trust , GIC ; Z Holdings , a joint speculation formed by SoftBank and South Korean internet firm Naver ; and BRV Asia , among others . It has raised more than $ 372 million in sum and has a valuation of more than $ 1 billion .
“ We are focalize on continued business death penalty and restructuring as key priorities beforehand of the possible initial offering , and we will keep on to assess our capital structure and financing needs , including various fundraising options , ” Chinsupakul said .
The company ’s differentiators , agree to Chinsupakul , are its strategical partnerships with Line and its understanding of client demeanor , local merchants , pitch personnel and the regulatory surroundings .
Wongnai started off as a restaurant review program in 2010 . In 2020 , it merged withLine Man , which extend food and grocery delivery , on - demand ride - hailing , and a messenger app . Then in 2023 , the party acquiredRabbit Line Pay ( RLP ) , an on-line and offline defrayal platform , andFoodStory , a Thai point of sale ( POS ) startup . The troupe say the acquisitions strengthen its revenue and broaden its client base .
The merger with Line Man was a significant milepost for Wongnai , asLine is Thailand ’s most popular message app — used by more than 90 % of Thais , the app has over 50 million users in the country , Chinsupakul said . What sets the inauguration apart from its competition , according to the CEO , is its ability to leverage Line ’s massive drug user cornerstone , as many of the app ’s drug user opt to make defrayment through the linked Line payments app .
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Today , the companionship offer everything from food for thought and foodstuff livery and eatery reviews , to a requital platform , POS for merchant , and drive - hailing — taking on competitors like Grab in the country .
“ Our chronicle has proven that we are nimble and have the ability to execute strategical M&A. We always assess potential investing opportunity in pursuit of our strategical objectives , which may let in potential investment and/or M&A if it stick out our long - term finish . We are very opened , ” Chinsupakul said .
The chief executive officer said the company is intent on growing its POS job for merchandiser and the payment service .
“ Those two other businesses are comparatively smaller than our food delivery business [ as we are a latecomer ] , so we want to raise them multiple - fold , ” Chinsupakul said . The society will continue to vest in produce its technical school team , in particular on the data and AI side , he added .
Line Man Wongnai present tough rival in the intellectual nourishment delivery outer space in Thailand from Singapore ’s GrabFood and Indonesia ’s GoTo , which have their own topnotch apps and offer e - commercialism religious service , too .
presently , GrabFood leads the solid food livery market in Thailand with a strong 56 % market part , closely followed by Line Man Wongnai at 53 % . Shopee do in at No . 3 , follow by Siam Commercial Bank ’s Robinhood as of April 2023 , accord to areport by Statista .
Room to grow in Thailand
Chinsupakul point out that the incursion of online food and grocery delivery is low in Thailand and there is ample way for emergence . In February 2024 , the insight rate of on-line food delivery in Thailand stand at 27.14 % , while that ofgrocery rescue was at 17.34 % .
As for ride - hailing services , Chinsupakul said multitude in Thailand still use on - demand taxi services via apps , but the online - only securities industry could be grownup . Ride - hailing apps ’ user insight in the food market is expected to reach 19.8 % this twelvemonth , perStatista .
When asked if the caller aims to become a ace app like GrabFood and GoTo , Chinsupakul order Line Man Wongnai is aiming higher . “ A ace app is for the consumer side only , but Line Man Wongnai ’s services are for both consumer and merchant . We are more of a combining of Meituan and WeChat Pay . ”
The companionship wants to focalise on the Thailand grocery at this tip and is not considering expanding into other Southeast Asiatic country before going public .
