The food delivery company Line Man Wongnai said on Thursday that it is acquiring a majority stake in the payments business Rabbit Line Pay in the latest deal by the Southeast Asian unicorn. It did not disclose the financial details of the deal. Line Man Wongnai was formed in 2020 from a merger between Line Man, the local food delivery business of the country’s most popular chat app, and the restaurant aggregator Wongnai. It competes with Grab, Foodpanda and the Robinhood delivery business backed by Siam Commercial Bank. Line Man Wongnai said last month that it had agreed to buy the startup FoodStory, which offers point-of-sale systems to restaurant operators, as it tries to drive the uptake of digital services in Thailand.
Rabbit Line Pay is a joint venture formed in 2016 between Line and BSS Holdings Co Ltd, a BTS Group subsidiary that developed the Rabbit Card offline payment platform for mass transit users. It has since evolved into a versatile digital payment system with about 9 million registered users.
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