Line Man Wongnai, a major Thai food delivery player, has acquired startup FoodStory to enhance its restaurant management operations, including the POS system and mobile merchant app. The acquisition aligns with Line Man Wongnai’s goal to improve efficiency and innovation in the restaurant industry.
25 July 2023 – Thai food delivery giant, Line Man Wongnai, has made a significant move by acquiring FoodStory, a specialized startup offering restaurant point-of-sale (POS) systems. The undisclosed acquisition aims to bolster Line Man Wongnai’s restaurant management capabilities, particularly its POS system and mobile merchant app.
FoodStory, established in 2012, has been providing comprehensive dine-in and delivery management services for F&B merchants. The company’s expertise extends to operating FoodStory Market, an online restaurant supply marketplace catering to the purchase of raw ingredients.
This strategic acquisition comes on the heels of FoodStory’s successful series B funding round in 2021, wherein it secured an undisclosed sum led by Beacon VC, the venture capital arm of Kasikornbank.
Highlighting the significance of this acquisition, Ekaluck Viriyakovithya, COO of Line Man Wongnai, noted that FoodStory’s POS system is currently in use by over 50,000 restaurants across Thailand. The move is a response to the changing dynamics of the market, especially in light of the post-pandemic expansion, emphasizing the need for new innovations to enable more integrated and efficient restaurant operations.
Having secured a series B funding of US$265 million in 2022, Line Man Wongnai achieved unicorn status, propelling it towards the possibility of an IPO in its domestic market. The company currently holds an estimated 24% share of Thailand’s food delivery market, according to Momentum Works, a reputable venture builder.
The acquisition of FoodStory is expected to reinforce Line Man Wongnai’s position as a dominant player in Thailand’s food delivery industry, enabling a more seamless and efficient restaurant management experience for both merchants and customers. – source: Tech in Asia