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Samreen Ahmad · · 3 min readLine Man Wongnai eyes food delivery crown as fintech push deepens
Thailand’s Line Man Wongnai, the on-demand services platform backed by Japan’s Line Corporation and Singapore’s GIC, extended its revenue run in 2024 but net losses increased 18% year on year.
According to its recent audited financial statements, Line Man booked US$451 million in revenue in 2024, a 17% jump from 2023. Gross profit also jumped 35% to US$101 million.
Photo credit: John And Penny / Shutterstock
However, net losses shot up to US$22.1 million compared with US$18.7 million a year ago.
The wider net losses stemmed from strategic investments in its digital wallet service Line Pay, which is still in the “early growth stage,” Line Man CEO Yod Chinsupakul said in a statement to Tech in Asia.
Despite this setback, Chinsupakul pointed out that the company’s core operations remain strong. Its on-demand services segment, which includes food and grocery delivery as well as ride-hailing, doubled its adjusted EBITDA year on year.
Line Man aims to sustain “high double-digit” revenue growth and keep expanding its market share this year, he adds.
Fintech picks up
On-demand services continued to bolster Line Man in 2024, with the vertical generating US$402 million in revenue, a 14% year-on-year rise.
In 2024, the company’s merchant digital solutions, which comprises restaurant data management systems and marketing solutions, brought in US$18.7 million.
Meanwhile, revenue from its payments and financial services nearly tripled to US$37 million. This segment covers services made through the Line Pay app, fees from electronic money transfers, and other financial solutions for drivers and merchants.
See also: Line Man Wongnai serves 20% revenue boost in 2023 as losses trim
While payments and fintech accounted for just 8.2% of revenue in 2024, they are expected to contribute a “double-digits percentage” of total revenue in the long run, Chinsupakul says.
Line Pay has been embedded as a core payment processor across Line Man’s platforms, the CEO explains. With over 700,000 merchants as of October 2024, the company is also stepping up efforts to add more to its base, he says.
The road ahead
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