Home » Asia Digest: Thai unicorn Line Man Wongnai readies IPO; Malaysia’s Kiddocare raises pre-Series A funding

Asia Digest: Thai unicorn Line Man Wongnai readies IPO; Malaysia’s Kiddocare raises pre-Series A funding

by WorldFinance
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Line Man Wongnai is reportedly preparing for an IPO that could fetch $300 million, while Kiddocare has raised pre-Series A funding.

Line Man Wongnai eyes $300m from Bangkok IPO

Thai food delivery unicorn Line Man Wongnai is preparing for an initial public offering (IPO) that could raise around $300 million, according to a Bloomberg report.

The report, which quoted people with knowledge of the matter, said Line Man will list in Bangkok and is already working with local advisers. The size and timeline of the IPO, however, could still change.

The company became a unicorn last year following a Series B funding round anchored by Singapore sovereign wealth fund GIC and Japan-based Line Corporation.

Line Man Wongnai was formed in July 2020 from the merger of Line Man, Thailand’s on-demand assistant app; and Wongnai, a Thai restaurant aggregator. Line Man is a unit of Japan-based Line Group.

The merged company raised $110 million from BRV Capital to compete with regional players such as Grab and GoTo in July 2020. It now operates in all 77 provinces in Thailand, offering delivery options to 700,000 restaurants, according to the announcement.

Artem Ventures leads Kiddocare’s funding round

Kiddocare, an on-demand caregiving platform based in Kuala Lumpur, has announced raising an undisclosed amount in its pre-Series A funding round anchored by Artem Ventures, a local venture capital investor.

The round was also backed by Gobi Partners, which invested via Gobi Dana Impak Fund; MSW Ventures Asia Fund X; and ScaleUp Malaysia, according to the announcement.

The startup, founded in 2019, is a homegrown childcare services platform that connects parents with verified childcare providers based on their preferences for time and location. The caregivers undergo rigorous screening and training before the platform.

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The platform was initially formed to support working parents by connecting them with babysitters to care for their children. Kiddocare said it will use the fresh funding to expand its platform, grow its audience demographic, and create fresh opportunities for women.

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