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Hello reader,
The rise of food delivery services is truly a blessing.
Last week, I was down with a cold, and as this coincided with my family members being away, I had to take care of myself. This included figuring out meals and, quite frankly, the thought of trying to cook or walking out to the coffee shop to buy food while enfeebled made me feel even fainter.
Fortunately, I could just open up one of the many delivery apps on my phone and order several hearty portions of comforting rice congee to be delivered right to my doorstep. It was a relief to not have to worry about how I was going to get my next meal while I was recovering.
And on that note, in another one of my awesome seamless segues, let’s look at the financial performance of Line Man Wongnai, a major player in Thailand’s food delivery scene, in today’s premium story.
Today we look at:
- How Line Man Corporation fared in 2022
- An Indian insurtech firm that’s raised fresh funds
- Other newsy highlights such as Jungle Ventures’ new program and co-working firm Worq’s pre-series B fundraise.
Premium summary
(Line) Man’s fueled by food delivery
Image credit: Timmy Loen
Line Man Corporation – the parent firm of Thai food delivery major Line Man Wongnai – posted US$321 million in total revenue for 2022, a 51.5% jump from the year before.
- Money makers: Food delivery remains the biggest source of Line Man’s revenue, with the segment recording US$275 million in 2022. Other segments include advertising services, which generated US$19.6 million in revenue for the year, and sales of goods, which contributed US$9.9 million.
- Under one roof: Earlier this year, the company acquired payments platform Rabbit Line Pay and point-of-sale startup FoodStory. The two deals may diversify Line Man’s revenue mix down the line.
- On the loss front: The company’s overall loss stood at US$111.8 million for 2022, up 18% year on year.
Read more: Line Man posts 52% increase in 2022 revenue, EBIT losses improve
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