Thai food delivery app Lineman Wongnai bags $265 million
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hai food delivery app Lineman Wongnai on Monday said it has raised US$265 million from Singapore’s GIC, PTT Oil and Retail Business, Taiwan Mobile, and other investors.
The startup said the investment round puts the company’s value at over 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 Lineman 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 last year after Lineman and restaurant aggregator Wongnai formed a joint venture and raised US$110 million from BRV Capital.
Questions & Answers
Q.Which companies invested in Lineman Wongnai during this funding round?
Which companies invested in Lineman Wongnai during this funding round?
Singapore's GIC, PTT Oil and Retail Business, and Taiwan Mobile were among the investors. Other unspecified investors also contributed to the US$265 million capital injection.
Q.What is the valuation of Lineman Wongnai after this investment round?
What is the valuation of Lineman Wongnai after this investment round?
The company's value now exceeds US$1 billion, which qualifies it as a 'unicorn' firm. This valuation follows the latest US$265 million funding round.
Q.What are Lineman Wongnai's future plans with this new capital?
What are Lineman Wongnai's future plans with this new capital?
The company plans to expand from a local Thai startup into a regional tech platform. It also intends to pursue an initial public offer (IPO) at some point.
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