Singapore sovereign wealth fund GIC Pte Ltd and Japanese mobile app developer LINE Corp. have co-led a US$265 million fundraising in LINE MAN Wongnai, a food and parcel delivery firm in Thailand.
The funding values the firm at more than $1 billion, earning it so-called unicorn status, and makes it the most valuable technology startup in Thailand, LINE MAN Wongnai says in a statement.
The company is a joint venture between food delivery app LINE Man, a unit of LINE Corp, and Thai restaurant review firm Wongnai.
It says investors who participated in the fundraising include T. Oil and Retail Public Co. Ltd, and Bualuang Ventures, both based in Thailand, and telecommunications company Taiwan Mobile.
LINE MAN Wongnai says it will use the proceeds to strengthen its food delivery business, expand new services, and hire more staff.
Chief Executive Officer Yod Chinsupakkul describes the fundraising as an “important milestone”.
“Thanks to GIC, LINE and other investors, this gives us the opportunity to make a significant change and become a national champion in Thailand’s food delivery industry,” he says in the statement.
The firm competes with Singapore-based Grab Holdings and German-owned Foodpanda in the local food delivery market.
GIC doesn’t publicly disclose its asset data. The Sovereign Wealth Fund Institute estimates the fund had around $690 billion of assets as of March 2022.