Thai food delivery app Line Man Wongnai has raised $265 million from Singapore’s GIC, PTT Oil and Retail Business, Taiwan Mobile and other investors.
The startup said the round of investment puts the company’s value at more than US$1 billion, making it a ‘unicorn’ firm.
The announcement comes as competition heats up among food delivery apps in Thailand, including the homegrown Robinhood, which is backed by Thai lender Siam Commercial Bank Pcl, and AirAsia Superapp.
The capital injection will help Line Man grow from “a local Thai start-up to a regional tech platform,” said chief financial officer, In Young Chung.
He added the company plans to have an initial public offer (IPO) but did not provide a timeframe.
The company was formed in 2020 after Line Man and restaurant aggregator Wongnai formed a joint venture and raised $110 million from BRV Capital.
- Reporting by Chayut Setboonsarng; Editing by Kanupriya Kapoor