Thai food delivery unicorn acquires local POS startup

Photo credit: Line Man Wongnai

Thai food delivery giant Line Man Wongnai announced today that it has acquired FoodStory, a startup specializing in restaurant point-of-sale (POS) systems, for an undisclosed amount.

The acquisition aims to strengthen Line Man Wongnai’s restaurant management operations, including its POS system and mobile merchant app.

Founded in 2012, FoodStory provides dine-in and delivery management services for F&B merchants. It also operates FoodStory Market, a restaurant supply marketplace for purchasing raw ingredients online.

In 2021, FoodStory raised an undisclosed sum in its series B funding round led by Beacon VC, the venture capital arm of Kasikornbank.

Line Man Wongnai COO Ekaluck Viriyakovithya noted that FoodStory’s POS system already serves over 50,000 restaurants in Thailand.

“After the Covid-19 pandemic has subsided, the market continued to expand, and new innovation is needed to operate the store in a more holistic and integrated way,” he said in a statement.

Line Man Wongnai, which became a unicorn after raising US$265 million in a series B in 2022, has been eyeing an IPO in its home market.

The company has about 24% in Thailand’s food delivery market share, according to a recent estimate from venture builder Momentum Works.

See also: Can Grab’s dine-in services reverse a fall in food delivery growth?

Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.