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Thailand mints new tech unicorn

Singapore sovereign fund GIC has helped Line Man Wongnai raise USD265m in a Series B round of funding, making it the country's latest tech startup. The Thai food and parcel delivery app's valuation topped USD1bn after the funding round, enough to take it to the elite unicorn club. 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. 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.

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