LINE MAN Wongnai
LINE MAN Wongnai (LMWN) was formed in 2020 by merging LINE MAN, the LINE Corporation on-demand services app, with Wongnai, Thailand's restaurant review platform. The combined entity is the country's largest homegrown consumer tech company by valuation — USD 1B+ since the 2022 GIC-led USD 265M Series B — and reached roughly USD 750M in annualised revenue by April 2025 with food delivery still more than half the mix. An IPO filing is targeted for Q3 2025 with a 2026 SET listing, which would shift LMWN from aggregated-press substitute to a full SET-prospectus primary operator.
Snapshot
Headline numbers a buyer checks first.
Annualised revenue
~USD 750M
April 2025
Aggregated from DBD filings of LINE MAN (Thailand), Wongnai Media
Valuation
>USD 1B
2022 Series B
GIC-led USD 265M round; unicorn status confirmed
Food delivery share of revenue
>50%
FY2024
Largest single segment; quick-commerce, merchant SaaS fill the balance
IPO timing
SET 2026
Q3 2025 filing target
TechCrunch, Bangkok Post reporting aligned on filing window
Key backer
SCB 10X / SCBX
SCBX Group (SET: SCB) — primary-listed parent of the cornerstone Thai venture arm
Other backers
GIC · LINE · BRV · OR
PTT Oil & Retail (SET: OR), Bualuang Ventures, Taiwan Mobile also on the cap table
What this company actually does
LINE MAN Wongnai is the operating platform behind LINE MAN food delivery, LINE MAN Taxi, LINE MAN Mart (quick commerce), and Wongnai restaurant discovery — plus a merchant SaaS stack (Wongnai POS, Wongnai Restaurant) that ties restaurants to the delivery demand side. It's the Thai answer to the Grab / GoTo model, but built inside Thailand's dominant messaging app (LINE, ~50M+ Thai users) rather than as a standalone super-app.[]
For ecommerce buyers, LMWN matters in two ways. First, it is the quick-commerce benchmark: 10–30 minute delivery on food, groceries, convenience items is now a live format in Bangkok and major provinces. Second, it is the merchant SaaS gateway: roughly a third of Thai restaurants that accept online orders do so through Wongnai POS or integrations. That restaurant-side gravity makes LMWN the default quick-commerce partner for brands that want to reach Thai consumers outside marketplace discovery.
Path to SET listing
The 2026 SET IPO converts LMWN from aggregated-press substitute into a primary-filing operator
Capital structure and funding history
The cap table names SCBX, GIC, LINE, and PTT-OR as cornerstones — unusually Thai-weighted for a unicorn.
Seed, Series A (pre-merger)
Formation merger
Date
2020
Size
n/a
Lead, notable participants
LINE Corp (JP), Wongnai Media combined into LMWN
Series B
Date
September 2022
Size
USD 265M
Lead, notable participants
GIC (Singapore SWF), LINE Corp, BRV Capital, PTT OR, Bualuang Ventures, Taiwan Mobile
Pre-IPO (rumoured)
| Round | Date | Size | Lead, notable participants |
|---|---|---|---|
| Seed, Series A (pre-merger) | 2015-2019 | ~USD 20M | Wongnai raised from InVent (InTouch), Recruit |
| Formation merger | 2020 | n/a | LINE Corp (JP), Wongnai Media combined into LMWN |
| Series B | September 2022 | USD 265M | GIC (Singapore SWF), LINE Corp, BRV Capital, PTT OR, Bualuang Ventures, Taiwan Mobile |
| Pre-IPO (rumoured) | 2024-2025 | Not disclosed | SCB 10X reported to have increased stake |
Segment mix and the ecommerce-adjacent read
Food delivery remains more than half of revenue, which keeps LMWN primarily a food-tech company rather than a pure ecommerce play. But quick commerce (LINE MAN Mart) is the segment that ecommerce buyers should watch: it's the pipe that lets LMWN sell packaged consumer goods, beauty, and pharmacy SKUs alongside meals, and it's the piece that competes directly with Shopee Express and Lazada's one-hour-Mart programmes.[]
Merchant SaaS (Wongnai POS, booking, loyalty) is the high-margin layer that distinguishes LMWN from pure-play delivery apps. It ties the restaurant supply side into the delivery demand side in ways Grab and foodpanda can't replicate without vertical integration. For a brand selling into Thai HORECA, LMWN is the distribution rail that matters first; for a brand selling into Thai retail, LMWN is a second-tier marketplace worth testing alongside Shopee and Lazada.
Structural positioning versus regional peers
Versus Grab Thailand
Deeper Thai language, LINE-app native
Grab runs as a Southeast Asia super-app with Thai localisation; LMWN is Thailand-first with LINE-app integration. For merchants onboarding, Thai-first support and LINE-based account linkage lower onboarding friction materially.
Versus foodpanda
Larger merchant SaaS stack
foodpanda Thailand scaled back after Delivery Hero's Asia restructuring. LMWN's Wongnai POS, restaurant-loyalty stack gives it structural supply-side gravity foodpanda never built locally.
Versus Shopee Express, Lazada Mart
Wider SKU, 30-minute window
Shopee and Lazada's fast-delivery programmes cover tens of thousands of urban SKUs; LMWN Mart operates at fresh-food, convenience-scale in the 10-30 minute window. The competitive overlap is partial, not full.
Versus Central's food-vertical plays
Complementary rather than competitive
Central Retail's food strategy (Tops, Central Food Hall) competes on assortment, service; LMWN competes on speed, creator discovery. Central brands increasingly list on LMWN Mart — the two playbooks stack rather than collide.
Watchpoints for the next disclosure cycle
SET filing date
Q3 2025 target was reported; any slip to Q4 2025 or Q1 2026 changes the competitive read. A postponed IPO would signal either market-timing concerns or unit-economics that need another quarter of polish.
Segment profitability disclosure
The 56-1 One Report will be the first time LMWN must disclose food-delivery vs Mart vs POS margins. A segment-profitable Mart would validate the quick-commerce investment thesis for Thai ecommerce broadly.
Platform Economy Act obligations
LMWN sits at the 'online platform' tier (likely; not very-large) under the draft PEA. The 2026 enforcement calendar determines compliance cost; LMWN's domestic-primary posture is an advantage versus foreign-parent peers.
LINE Corp strategic review
LINE Corp Japan restructuring in 2024-2025 has put the LINE MAN brand relationship into review periodically. Any rebrand or equity shift between LINE and LMWN would move the strategic read.
Related Market profiles
Peers, parents, partners, agencies, and other E-commerce & Digital Commerce actors.
Competitor
Shopee (Sea Limited)
Competes on quick-delivery retail SKUs via Shopee Express.
Open Market profile →
Partner
TrueMoney (Ascend Money)
TrueMoney wallet accepted on LINE MAN checkout.
Open Market profile →
Partner
Flash Express
Other unicorn pushing Thai last-mile economics.
Open Market profile →
Partner
Central Retail Corporation
Central brands listed on LMWN Mart; complementary rather than competitive.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
LINE MAN Wongnai — DBD annual statement, SCBX (parent-of-backer) disclosures
| Source | Publisher | Grade | As of |
|---|---|---|---|
| LINE MAN Wongnai — DBD annual statement, SCBX (parent-of-backer) disclosures | Department of Business Development, SCBX PCL (SET: SCB) | Primary | 2025-05-31 |
Reports featuring this profile
Thailand Quick Commerce & Instant Retail 2027 Market Intelligence
Super-app mart across all 77 provinces; IPO-track, GIC-backed
Open report →
Sits alongside 3 other Atlas profilesThailand Influencer & Creator Economy: TikTok-Led Path to 2027
Food, lifestyle vertical creator monetisation, restaurant-review economy
Open report →
Sits alongside 5 other Atlas profilesThailand Gig Economy & Platform Workers 2027 Market Intelligence
Local super-app champion, 36-40% food-delivery share, largest single rider corps
Open report →
Sits alongside 5 other Atlas profilesGrab, LINE MAN, and Thai Super-Apps: Ride-Hail, Food Delivery, and the Mobility Battle
Post-2020 LINE-Corporation Japan, Wongnai Thai merger; ~40-50% food-delivery share.
Open report →
Sits alongside 5 other Atlas profilesThai Software and the Bangkok Startup Ecosystem: Sertis, Bitkub, Wongnai, and the Series-B Reality
Post-2020 LINE-Wongnai merger; ~USD 1-2B valuation.
Open report →
Sits alongside 5 other Atlas profilesThai Food Delivery: Grab-LINE-Foodpanda Economics and the Restaurant Take-Rate Squeeze
BCV-backed Thai-domestic challenger; leverages LINE messenger ubiquity for restaurant discovery and delivery.
Open report →
Sits alongside 5 other Atlas profilesThailand E-commerce Market Intelligence
Primary operator context — quick commerce, merchant SaaS enabler for the Thai food-and-retail stack.
Open report →
Sits alongside 11 other Atlas profilesThailand TikTok Shop & Livestream Commerce Deep Dive
LINE ecosystem including LINE SHOPPING, creator commerce adjacent.
Open report →
Sits alongside 3 other Atlas profilesThailand LINE Ecosystem Deep Dive
LINE MAN Wongnai Thai unicorn food delivery, local services; part of LINE ecosystem.
Open report →
Sits alongside 4 other Atlas profilesThailand Dark Kitchen & Ghost Kitchen Deep Dive
LINE MAN Kitchen, delivery platform.
Open report →
Sits alongside 3 other Atlas profilesRelated Market profiles
competitor
Shopee (Sea Limited)
Regional marketplace pace-setter that flipped Shopee to segment profit in 2025 while doubling the Monee loan book.
partner
TrueMoney (Ascend Money)
Thailand's first fintech unicorn, BOT-licensed e-Money operator, and a 2024 virtual-bank applicant backed by CP Group and MUFG.
partner
Flash Express
The billion-parcel last-mile operator that crossed into segment profit in 2024 and now outprints Kerry Express on revenue.
partner
Central Retail Corporation
Omnichannel incumbent defending digital share against marketplace platforms.