LINE MAN, A THAI DELIVERY PLATFORM OWNED BY JAPANESE CHAT APP LINE CORP, SAID ON THURSDAY THAT IT HAD FINANCED A $110 MILLION MERGER WITH A LOCAL RESTAURANT AGGREGATOR AS COMPETITION BETWEEN THE SERVICES INTENSIFIED, FOREIGN MEDIA REPORTED. LINE’s service is competing with rivals such as Grab in Singapore, Go-Jek in Indonesia and Foodpanda of Germany’s Hero Delivery SE, and more companies will enter the Thai market in the future.
“This is the first time line Group has received such a large financial investment in its overseas operations,” LINE said in a statement. “
BRV, a Menlo park-based venture capital firm, has invested in Paypal, an e-commerce payment platform, and Waze, AGoogle’s online mapping company. BrV, however, did not disclose the size of its stake in the company.
LINE MAN will also merge with Wongnai Media, a domestic partner in Thailand, restaurant review and discovery platform. Wongnai Media is known to have a database of 400,000 restaurants in Thailand.
In response, LINE said: “This capital investment is aimed at strengthening and expanding the development of newly merged entities. In addition, the company said it plans to expand into 15 regions in Thailand this year, where as it currently covers only nine provinces.