Singapore’s Sovereign Fund Helps Create Thailand’s Latest Unicorn

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

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The company’s value topped $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.

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