Yip In Tsoi, operator of Robinhood application, is interested in acquiring online food delivery business of Delivery Hero’s Foodpanda app which is slated to exit Thailand on May 23.
A source from Yip In Tsoi, who requested anonymity, said the company is evaluating the business potential.
The company does not want the online food delivery market to become a duopoly market, the source added.
According to Singapore-based research firm Momentum Works, Thailand’s food delivery market in 2024 tallied US$4.2 billion, with Grab claiming a market share of 46%, Line Man Wongnai 40%, ShopeeFood 7%, Foodpanda 5%, and Robinhood 2%.
Earlier SCB X Plc controlled Purple Ventures Co Ltd, the provider of the Robinhood app, before it decided to sell all the shares in Purple Ventures to a group of investors led by Yip In Tsoi late last year.
Robinhood has database of small restaurants, while Foodpanda has large database restaurants, particularly medium to large restaurants.
Ealier Yod Chinsupakul, chief executive of Line Man Wongnai, said the withdrawal of Foodpanda from Thailand makes the Thai food delivery industry enter a clear duopoly competition.
According to Redseer data in the first half of 2024, LINE MAN held a 44% market share in terms of transaction volume, while Foodpanda had about 5%.
Although the number of players has changed, the market structure remains stable, and competition remains at a similar level, Mr Yod said.
The Foodpanda exit could be a turning point as the remaining players will shift from the price war toward a quality
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