Thai food delivery app Line Man Wongnai eyes Thai US IPO in 2025.

Line Man Wongnai, an on-demand food delivery service in Thailand, is considering an initial public offering on the Thai stock market or in the US in 2025, CEO and co-founder Yod Chinsupakul said in an exclusive interview with TechCrunch.

Line Man Wongnai has yet to finalize where it will launch the IPO, but a dual listing in Thailand and the US is not out of the question, Chinsupakul said.

The company is backed by Singapore’s sovereign wealth fund GIC; Z Holdings, a joint venture formed by SoftBank and South Korean Internet company Naver; and BRV Asia, among others. In total, he collected more than 372 million dollars, and his value is more than 1 billion dollars.

«We are focused on business continuity and restructuring as key priorities ahead of a potential IPO, and will continue to evaluate our capital structure and financing needs, including various fundraising options,» Chinsupakul said.

Image credits: Line Man Wongnai

The company’s strengths, according to Chinsupakulu, are its strategic partnerships with Linea and its understanding of customer behavior, local retailers, delivery personnel and the regulatory environment.

Wongnai started as a restaurant review platform in 2010. In 2020, it merged with Line Man, which offers food and grocery delivery, an on-demand ride-hailing and messaging app. Then in 2023 the company acquired Rabbit Line Pay (RLP)online and offline payment platform, i FoodStory, a Thai point-of-sale (POS) startup. The company says the acquisitions have strengthened its revenue and expanded its customer base.

The merger with Line Man was a significant milestone for Wongnai, as Line is the most popular messaging app in Thailand — used by more than 90% of Thais, the app has over 50 million users in the country, Chinsupakul said. What sets the startup apart from the competition, according to the CEO, is its ability to tap into Line’s huge user base, as many of the app’s users choose to make payments through Line’s related payments app.

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Today, the company offers everything from food and grocery delivery and restaurant reviews, to a payment platform, merchant POS and transportation – competing with rivals like Grab in the country.

«Our history has proven that we are nimble and have the ability to execute strategic mergers and acquisitions. We are always evaluating potential investment opportunities in pursuit of our strategic goals, which may include potential investment and/or mergers and acquisitions if it supports our long-term goals. We are very open,» said Chinsupakul.

The CEO said the company intends to expand its POS business for merchants and payment services.

«Those two other businesses are relatively smaller than our food delivery business (since we are late), so we want to multiply them,» Chinsupakul said. The company will continue to invest in the development of its technical team, especially on the data and artificial intelligence side, he added.

Line Man Wongnai faces strong competition in the food delivery space in Thailand from Singapore’s Grab and Indonesia’s GoTo, which have their own cool apps and offer e-commerce services.

Currently, GrabFood leads the food delivery market in Thailand with a significant 56% market share, closely followed by Line Man Wongnai with 53%. Shopee is ranked 3rd, followed by Robinhood Siam Commercial Bank (SBC) as of April 2023, according to Statista report.

Room for growth in Thailand

Chinsupakul pointed out that online food and grocery delivery penetration is low in Thailand and there is plenty of room for growth. In February 2024, the penetration rate of online food delivery in Thailand was 27.14%, while grocery delivery was 17.34%.

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As for ride-hailing services, Chinsupakul said people in Thailand still use on-demand taxi services via apps, but the online-only market could be bigger. Call app user penetration in the market is expected to reach 19.8% this year, according to An extra.

When asked if the company aims to become a super app like Grab and GoTo, Chinsupakul said Line Man Wongnai is aiming higher. “The super app is only for consumers, but Line Man Wongnai’s services are for both consumers and merchants. We are more of a combination of Meituan and WeChat Pay.”

The company wants to focus on the Thai market at the moment and is not considering expanding to other Southeast Asian countries before going public.

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