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- LINE MAN Wongnai
LINE MAN Wongnai Valuation, Funding & Investors
LINE MAN Wongnai is valued at $1B as of September 2022.
Last LINE MAN Wongnai valuation
$1B
Series B · Sep 2022
Last LINE MAN Wongnai funding round
$265M
Series B · Sep 2022
Cumulative funding LINE MAN Wongnai raised
$375M
across 2 funding rounds
Key investors in LINE MAN Wongnai
BRV Capital Management
GIC
Taiwan Mobile
Bualuang Ventures
LINE Plus Corporation
TT Oil and Retail Business
About LINE MAN Wongnai
LINE MAN Wongnai is a Bangkok-headquartered super app combining food delivery, ride-hailing, and e-commerce for Thailand. Formed by the 2020 merger of LINE MAN and Wongnai, it connects over 400,000 restaurants and merchants with consumers via on-demand services. The platform also offers grocery delivery and local deals, serving urban areas nationwide.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$1B (Sep 2022)
LINE MAN Wongnai Valuation
LINE MAN Wongnai is currently valued at $1B, based on its Series B in September 2022.
The $265M round was led by GIC and LINE Plus Corporation, with participation from TT Oil and Retail Business, BRV Capital Management, Taiwan Mobile and Bualuang Ventures.
LINE MAN Wongnai valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2022 | Series B | $1B |
LINE MAN Wongnai Funding History
LINE MAN Wongnai has raised a total of $375M across 2 funding rounds.
LINE MAN Wongnai's first fundraising round was a $110M Series A in July 2020. The most recent completed round was a $265M Series B in September 2022.
LINE MAN Wongnai funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Series B | GIC (lead); LINE Plus Corporation (lead); TT Oil and Retail Business; BRV Capital Management; Taiwan Mobile; Bualuang Ventures | $265M | $1B | LINE MAN Wongnai is a Thai super-app that combines food delivery, merchant solutions, and value-added services including advertising and financial services. The company was formed in 2020 through a joint venture between Line Man (Line Corporation's delivery service) and Wongnai, a restaurant aggregator and review platform founded in 2010. In September 2022, LINE MAN Wongnai raised US$265 million in a Series B funding round led by GIC, Singapore's sovereign wealth fund, and LINE Plus Corporation, with participation from BRV Capital Management, PTT Oil and Retail Business, Bualuang Ventures, and Taiwan Mobile. The funding round achieved a post-money valuation of over US$1 billion, making LINE MAN Wongnai Thailand's largest tech startup by valuation and establishing it as a unicorn. The capital was earmarked to strengthen the company's food delivery market position, expand new service categories including fintech operations under Line Man Pay, recruit technical talent, and improve technology infrastructure, with plans to employ over 450 tech professionals by end of 2022. The company commands a significant market presence with approximately 10 million monthly active users, 700,000 partner restaurants, and operates close to 1 million merchants through its Wongnai platform, with Wongnai POS becoming the number-one point-of-sale solution in Thailand's food and beverage industry with over 50,000 merchants. |
| Jul 2020 | Series A | BRV Capital Management (lead) | $110M | - | LINE MAN Wongnai raised US$110 million in a capital investment from BRV Capital Management on July 30, 2020, coinciding with a merger between LINE MAN and Wongnai Media. LINE MAN, launched in 2016 by LINE Thailand (a subsidiary of Line Corporation), is a Thai delivery application that provides food delivery, grocery delivery, parcel delivery, ride-hailing, and payment solutions. Wongnai is a restaurant review and discovery platform with a database of over 400,000 restaurants in Thailand and approximately 10 million monthly active users. The merger combined LINE MAN's delivery services with Wongnai's extensive restaurant data and review platform to strengthen LINE MAN's position in the Thai market. BRV Capital Management is a growth capital firm affiliated with BlueRun Ventures, based in Menlo Park, California, with offices across Asia and a portfolio exceeding 150 companies including early-stage investments in PayPal and Waze. The funds from this investment were designated for financing the merger between the two companies and supporting expansion of LINE MAN's services across Thailand. LINE MAN subsequently raised additional funding and achieved unicorn status with a valuation exceeding US$1 billion in September 2022 through a Series B round led by GIC and LINE Corporation. |
Who has invested in LINE MAN Wongnai?
6 investors have backed LINE MAN Wongnai across its funding rounds, including BRV Capital Management, GIC, Taiwan Mobile, Bualuang Ventures, LINE Plus Corporation and TT Oil and Retail Business.
Lead investors include GIC, LINE Plus Corporation and BRV Capital Management.
LINE MAN Wongnai Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jul 2020 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Lead | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
This data is available for Pro users. Sign up to see all 6 LINE MAN Wongnai investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by LINE MAN Wongnai
LINE MAN Wongnai has acquired 4 companies to date.
Last acquisition by LINE MAN Wongnai was on August 28th 2025. LINE MAN Wongnai acquired JERA Cloud for undisclosed valuation.
Latest Acquisitions by LINE MAN Wongnai
| Description | JERA Cloud is a Tokyo-based software provider offering cloud-based management systems for beauty salons and dental clinics in Japan. The platform handles appointment scheduling, inventory tracking, billing, and CRM via web and mobile apps. JERA Cloud integrates with payment gateways and electronic health records, serving over 5,000 facilities nationwide with data analytics for operational efficiency. | - | FoodStory is a digital platform that connects restaurants with delivery services and automates supply chain replenishment processes. Based in Singapore, it handles restaurant data management, order routing to multiple aggregators such as GrabFood and Foodpanda, and real-time inventory tracking for ingredients. The system processes payments securely and provides dashboards for sales performance and supplier orders, serving eateries across Southeast Asia. | Wongnai is a Bangkok-based platform operating restaurant discovery apps and websites for over 1.4 million eateries across Thailand, Singapore, and Indonesia. Founded in 2010, users access reviews, photos, menus, and reservations via iOS, Android, and web platforms. The service covers categories from street food to fine dining, with features like location search and user-generated content from millions of members. Wongnai partners with delivery services GrabFood and Foodpanda, and was acquired by LINE Corporation in 2017. |
| HQ Country | ||||
| HQ City | Bangkok | - | Bangkok | Bangkok |
| Deal Date | 28 Aug 2025 | 31 Aug 2023 | 20 Jul 2023 | 30 Jul 2020 |
| Valuation | undisclosed | $9M | undisclosed | $110M |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all LINE MAN Wongnai acquisitions and their M&A valuation multiples. Start Free Trial | ||||
LINE MAN Wongnai Competitors
LINE MAN Wongnai competitors include listed companies like SMZDM.com and QuinStreet, and private ones like Benlai, JOKR, Dunzo and 58 Daojia.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $800M | - | ||
| Private | $24M | - | $775M | 32.3x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $192M | $19M | $1B | 4.7x | ||
| Publicly listed | $1.3B | $61M | $1B | 0.7x |
LINE MAN Wongnai Public Comps
LINE MAN Wongnai is still privately-owned, but its public comps include SMZDM.com, QuinStreet, Grupa Pracuj, Ibotta, LegalZoom, Nextdoor, Upwork, Baltic Classifieds Group, Yelp and ATRenew.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $192M | $19M | 4.9x | 4.7x | 47.8x | 42.1x | |||
| $1.3B | $61M | 0.7x | 0.7x | 15.8x | 7.9x | |||
| $214M | $95M | 4.6x | 4.4x | 10.3x | 9.7x | |||
| $342M | $7M | 2.5x | 2.4x | 114.9x | 15.3x | |||
| $756M | $74M | 1.2x | 1.1x | 12.1x | 4.8x | |||
| $258M | ($69M) | 2.4x | 2.2x | (8.8x) | 27.8x | |||
| $788M | $180M | 1.0x | 1.1x | 4.6x | 3.6x | |||
| $102M | $79M | 11.2x | 10.9x | 14.5x | 14.1x | |||
This data is available for Pro users. Sign up to see all LINE MAN Wongnai competitors and their valuation data. Start Free Trial | ||||||||
Common questions about LINE MAN Wongnai
| When was LINE MAN Wongnai founded? | LINE MAN Wongnai was founded in 2010. |
| Where is LINE MAN Wongnai headquartered? | LINE MAN Wongnai is headquartered in Bangkok, Thailand. |
| Is LINE MAN Wongnai publicly listed? | No, LINE MAN Wongnai is a private, VC-backed company. |
| What is LINE MAN Wongnai's valuation? | LINE MAN Wongnai was last valued at $1B in its Series B in September 2022. |
| How much funding has LINE MAN Wongnai raised? | LINE MAN Wongnai has raised $375M across 2 funding rounds. |
| What was LINE MAN Wongnai's last funding round? | LINE MAN Wongnai's last funding round was a $265M Series B in September 2022, led by GIC and LINE Plus Corporation. |
| Who are LINE MAN Wongnai's investors? | LINE MAN Wongnai's investors include BRV Capital Management, TT Oil and Retail Business, GIC, Taiwan Mobile, LINE Plus Corporation and Bualuang Ventures. |
| Which companies are comparable to LINE MAN Wongnai? | Companies comparable to LINE MAN Wongnai include Benlai, JOKR, Dunzo, 58 Daojia, SMZDM.com and QuinStreet. |
| How many companies has LINE MAN Wongnai acquired? | LINE MAN Wongnai has acquired 4 companies, including JERA Cloud, Rabbit LINE Pay, FoodStory and Wongnai. |
| What was the largest acquisition by LINE MAN Wongnai? | The $110M acquisition of Wongnai in July 2020 is the largest acquisition LINE MAN Wongnai has made to date. |
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