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Sunday, November 27, 2022

LINE MAN Wongnai is the largest startup in Thailand. After raising $265 million Series B funding

LINE MAN Wongnai announced a $265 million Series B funding round led by Singapore’s sovereign wealth fund GIC and LINE Corporation. T.Oil and Retail Public Company Limited (OR), Bualuang Ventures and Taiwan Mobile also jointly invested.

This fundraising raises the company’s valuation after raising more than US$1 billion (37 billion baht) to become Thailand’s largest tech startup by valuation.

The proceeds from the fundraising will be used to strengthen the food delivery business. Expand to new services, expand technology team. and upgrading the technological infrastructure The company aims to increase its technology workforce to more than 450 by the end of 65.

LINE MAN Wongnai was established in 2020 as a merger between LINE MAN on-demand platform and Wongnai restaurant review platform, with the aim of being the most innovative E-commerce Platform for Services.

Currently, LINE MAN Wongnai has 3 main business groups as follows:

  • On-Demand Service Group – Services under the LINE MAN brand cover food delivery, merchandise, messengers and taxis. The food delivery business saw a monthly order growth rate of more than 15 times between January 2020 and August 20. It is considered a food delivery service. The fastest growing in Thailand, LINE MAN currently offers services covering 77 provinces throughout Thailand. And there are more than 700,000 restaurants on the platform, the most in the market.
  • Solutions for shops and restaurants – Wongnai has a database of more than 1 million shops and restaurants throughout Thailand. Bring to provide a service to search for restaurant information and reviews from real users, including Wongnai POS, restaurant management system and sales through delivery. It is the market leader in POS for restaurants. And there are more than 50,000 restaurant operators in use.
  • Value Added Business Group – With a delivery user base that includes a large number of users, drivers and restaurants. Bringing new businesses that add value to all sectors in the ecosystem. There are both advertising business for restaurants. and financial services business
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Mr. Yod Chinsupakkul, Chief Executive Officer of LINE MAN Wongnai said

“The success of this fundraising is an important milestone for LINE MAN Wongnai, thanks to GIC, LINE and other investors. That gives us the opportunity to make a significant change and become a National Champion in Thailand’s food delivery industry. Food has been our root since Wongnai co-founded and now we have achieved our dream of connecting millions of customers with many restaurants. We are also proud to be able to create jobs for more than 100,000 riders across the country. With many riders earning more than 2 times the minimum wage, we are committed to pushing Thailand forward. by developing excellent services for Thai people for Thai people to have a better life.”

Eunjung Lee, Chief Executive Officer of LINE Plus Corporation Said, “LINE MAN is one of the most successful services. This shows that LINE can create services that are tailored to the needs of users in each country. This round of funding will provide LINE MAN Wongnai a solid foundation for future growth with the aim of creating a better and more convenient life for Thai users.”

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