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

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, BRV Capital Management and PTT Oil & Retail Business.

Line Man Wongnai competes with Grab Holdings and SCB X 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. BLOOMBERG