Thailand-based Line Man Wongnai, which became a food delivery unicorn just less than three months ago, is in discussions to acquire Foodpanda in Thailand in preparation for an IPO over the next few years, Bloomberg reported, citing sources briefed on the situation.
The deal may still fall through as both parties have yet to reach a final decision on the matter, the sources added.
Backed by Japanese tech firm Line and Singapore sovereign wealth fund GIC, Line Man Wongnai offers services such as food delivery, grocery delivery, and ride-hailing in all 77 provinces of Thailand.
The company recently said it saw food orders grow by over 15x between January 2020 and August 2022.
Meanwhile, Foodpanda parent Delivery Hero reported that it reached adjusted EBITDA breakeven in the third quarter of this year. It added that it aims to hit the same milestone for cash flow by the second half of 2023.
See also: A list of SEA’s unicorns and their early investors (Updated)
Editing by Lorenzo Kyle Subido
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