Line Man Wongnai, a Thai food delivery app, considers launching IPO in Thailand and the US by 2025.

Line Man Wongnai, a prominent on-demand food delivery service in Thailand, is contemplating an initial public offering (IPO) on a Thai exchange or potentially in the U.S. in 2025, as revealed by the company’s CEO and co-founder, Yod Chinsupakul, in an exclusive interview with TechCrunch.

With backing from notable investors such as Singapore’s sovereign wealth fund, GIC, Z Holdings, a joint venture of SoftBank and Naver, and BRV Asia, Line Man Wongnai has amassed over $372 million in funding and currently boasts a valuation exceeding $1 billion.

Chinsupakul disclosed that the company is prioritizing business execution and restructuring in preparation for the potential IPO, while also evaluating various fundraising options and capital structure adjustments.

Originally established as a restaurant review platform in 2010, Wongnai merged with Line Man in 2020, offering a comprehensive range of services including food and grocery delivery, ride-hailing, and a messenger app. Subsequent acquisitions of Rabbit Line Pay (RLP) and FoodStory in 2023 further bolstered the company’s revenue streams and customer base.

The strategic partnership with Line, Thailand’s leading messaging app with over 50 million users, has been a pivotal factor in Line Man Wongnai’s success, enabling the company to leverage Line’s extensive user base for enhanced payment capabilities.

Despite facing stiff competition from industry giants like Grab and GoTo, Line Man Wongnai has managed to secure a significant market share in Thailand’s food delivery sector, positioning itself as a formidable player in the market.

Looking ahead, the company aims to expand its point of sale (POS) and payments services for merchants, while also focusing on enhancing its technological capabilities through investments in data and AI. With ample room for growth in Thailand’s online delivery and ride-hailing markets, Line Man Wongnai remains committed to solidifying its presence in the region before contemplating further expansion.