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Promotional picture for Line Man Wongnai (Line Corp.)
International messaging app supplier Line Corp. mentioned Tuesday that Line Man Wongnai, its supply platform operated in Thailand, has raised $265 million in a funding spherical led by Line Corp. and Singapore’s sovereign wealth fund GIC.
Different traders within the Collection B funding embrace BRV Capital Administration, PTT Oil and Retail Enterprise Public Co., Bualuang Ventures and Taiwan Cellular.
With the brand new funding, Line Man Wongnai’s worth topped $1 billion, changing into Thailand’s largest tech startup unicorn.
The funding will probably be used to strengthen its market place within the meals supply market, broaden new companies, recruit tech skills and enhance IT infrastructure, in line with the corporate. It plans to make use of as much as a complete of 450 gifted tech professionals by the top of this 12 months.
After growing its market share, Line Man Wongnai goals to go public in Thailand, a Line Corp. official mentioned.
“It’s a dream come true to attach with tens of millions of customers with the most important variety of eating places. We’re additionally proud to create over 100,000 jobs for riders, most of whom earn greater than twice the minimal wage,” mentioned Yod Chinsupakul, Line Man Wongnai CEO, in a press release. “We promise to carry the most effective and tailor-made services and products to assist Thai individuals have a greater life.”
Line Man Wongnai was based in 2020 upon a merger between Line Man, an on-demand assistant app operator, and Wongnai, a restaurant evaluation platform, each based mostly in Thailand. The corporate provides companies together with meals and grocery supply, taxi hailing, together with messenger and analytic options for eating places.
By Byun Hye-jin (hyejin2@heraldcorp.com)
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