Line Man Wongnai looks beyond food delivery in quest to become the GoTo of Thailand

Mention “food delivery” in Southeast Asia and the names that are most likely to crop up are Grab, Foodpanda, and Gojek.

You’re less likely to come across Line Man Wongnai, but that could change in the future. Known as Line Man for short, the Thai firm is valued at over US$1 billion and backed by Line Corporation, the Japan-headquartered internet firm, and GIC, Singapore’s sovereign wealth fund.

Image credit: Timmy Loen

Line Man made the news recently for acquiring a majority stake in local payments platform Rabbit Line Pay (RLP). In July, the delivery firm also acquired FoodStory, a restaurant point-of-sale (POS) startup based in Thailand.

In addition, Line Man is appointing advisors to prepare for an IPO, which may take place as soon as 2025. While its base case is to list on the Stock Exchange of Thailand, the company is also considering a dual listing in the US if there is sufficient investor interest, according to CFO Chung In Young.

Chung tells Tech in Asia that he sees the IPO as an opportunity to tap both institutional and retail investors in Thailand. It could become the country’s “first and largest tech listing,” given Line Man’s status as a “household name.”

Chung In Young, chief financial officer at Line Man Wongnai / photo credit: Line Man Wongnai

As the “largest stock market in ASEAN,” Thailand also offers liquidity and “quite favorable” valuations, he adds.

The GoTo of Thailand?

Grab, Foodpanda, and Gojek are the biggest food delivery apps in the region, with a combined gross merchandise value amounting to 85% of Southeast Asia’s total, according to a report from venture builder Momentum Works.

But while Grab and Foodpanda have operations in multiple countries, Gojek’s food delivery business is mostly focused on its home market: Indonesia, where it commands 44% of the market.

The latter is also part of GoTo Group, which pitches itself as Indonesia’s tech champion and offers ride-hailing, ecommerce, and financial services as well.

A merger between Line’s Thai food delivery business and restaurant aggregator Wongnai in 2020 resulted in Line Man Wongnai’s current form.

Today, the firm offers a variety of products and services ranging from messaging, taxi-hailing, financial services, food and grocery delivery, and restaurant reviews and solutions.

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