Melissa Goh · · 6 min readLine Man Wongnai looks beyond food delivery in road to IPO
IN FOCUS
In today’s newsletter, we look at:
- Line Man Wongnai’s quest to become the GoTo of Thailand
- US-based Instacart’s shrinking valuation ahead of its IPO
Welcome to The Checkout! Delivered every fortnight, this free newsletter breaks down the biggest stories and trends in ecommerce. Get all our content, including The Checkout, by registering for a Tech in Asia account. Alternatively, sign up here if you just want to receive this newsletter.
Hello there,
Even in Singapore, where the Line messaging app isn’t as widely used as WhatsApp or Telegram, many would recognize Line mascots like Brown the bear.
More endearingly called “Line Friends,” Brown – together with Cony the rabbit and other characters – were created as stickers for the Naver-owned messaging app. They have fronted various collaborations such as ones with luxury brand Furla and footwear retailer Melissa.
So popular is the Line brand that famed South Korean group BTS has even created its own set of Line characters.
Such is the power of a strong brand name.
In Thailand, Line Man Wongnai – the all-in-one platform for food delivery, ride-hailing, restaurant reviews, and point-of-sale solutions – is betting that its sister company’s ubiquity as the country’s most popular messaging app will set the stage for new inroads it’s making in financial services.
In this week’s Big Story, my colleague Simon details the firm’s plans to become a dominant player in its domestic market, despite falling behind regional rival Grab in its primary food delivery business.
Delivery companies are certainly having their moment in the sun. Just this week, US-based Instacart disclosed its targeted valuation ahead of its upcoming IPO on the Nasdaq.
That said, its target valuation of roughly US$8.6 billion to US$9.3 billion for the listing is a far cry from the US$39 billion it was valued at in a 2021 fundraising round. What does this bode for Southeast Asia’s food delivery players? More in this week’s Hot Take.
— Melissa
THE BIG STORY
Line Man Wongnai looks beyond food delivery in quest to become the GoTo of Thailand
THE HOT TAKE
NEWS YOU SHOULD KNOW
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
