Singapore’s sovereign fund GIC helps create Thailand’s latest unicorn

Singapore’s sovereign fund GIC helps create Thailand’s latest unicorn
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(Sept 27): Thai food and parcel delivery app Line Man Wongnai raised US$265 million (RM1.22 billion) in a round led by Singaporean sovereign fund GIC Pte Ltd, becoming the nation’s latest start-up unicorn.

The company’s value topped US$1 billion after a Series B round of funding, according to a statement on its website. Other investors in the latest funding include Taiwan Mobile Co, BRV Capital Management, and PTT Oil & Retail Business Pcl.

Line Man Wongnai competes with Grab Holdings Ltd and SCB X Pcl on food delivery services, as the Covid-19 pandemic boosts demand for home dining. The start-up also offers business solutions for shops and restaurants, with a database of more than one million merchants and 100,000 riders nationwide, according to the statement.

The company was formed in 2020 from the merger of Line Man, a domestic delivery service of Line Corp, and Wongnai, a food and restaurant review platform. The start-up said it will use the proceeds to expand into new services and hire more employees.