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Singapore’s sovereign fund helps create Thailand’s latest unicorn

With this investment, Line Man Wongnai has achieved a valuation of over US$1 billion, making it Thailand’s largest tech startup by valuation.
Line Man Wongnai raised US$265 million in a Series-B investment round led by GIC, Singapore’s sovereign wealth fund, and LINE Corp. (PHOTO: REUTERS/Anshuman Daga)

By Anuchit Nguyen

(Bloomberg) —Thai food and parcel delivery app Line Man Wongnai raised US$265 million in a round led by Singaporean sovereign fund GIC, becoming the nation’s latest startup unicorn.

The company’s value topped US$1 billion after a Series B round of funding, according to a statement on its website. Other investors in the latest funding include Taiwan Mobile Co., BRV Capital Management and PTT Oil & Retail Business Pcl.

Line Man Wongnai competes with Grab Holdings Ltd. and SCB X Pcl on food delivery services as the pandemic boosts demand for home dining. The startup also offers business solutions for shops and restaurants with a database of more than 1 million merchants and 100,000 riders nationwide, according to the statement.

The company was formed in 2020 from the merger of Line Man, a domestic delivery service of Line Corp., and Wongnai, a food and restaurant review platform. The startup said it will use the proceeds to expand into new services and hire more employees.

© 2022 Bloomberg L.P.