31 October 2026 Published by Silicon Valley Innovation ไทย

Thai Food Report

Restaurants, food makers and farms in Thailand

Delivery

Grab and LINE MAN now take 88% of Thai food delivery

LINE MAN turned profitable in 2025 and targets a 2027 listing, while Robinhood and ShopeeFood compete for restaurants with free sign-up deals.

By Thai Food Report Desk · · 4 min read

อ่านภาษาไทย

A delivery rider in a helmet and green jacket with a green insulated box on a white scooter, blurred by motion on a Bangkok street at night
A food delivery rider on Yaowarat Road, Bangkok; illustrative of the delivery market.Photo by Kaden Taylor on Unsplash

Two apps now handle almost nine in ten food delivery orders by value in Thailand. Grab held 47% and LINE MAN Wongnai 41% of 2025 delivery order value, according to Momentum Works figures reported by KrASIA. The two shares add up to 88%. A third big name, foodpanda, no longer exists in the market.

How the field narrowed

Foodpanda announced in April 2025 that it would stop operating in Thailand on 23 May, and it did. The company said market conditions no longer fit its long-term strategy. Foodpanda had operated in Thailand since 2012 and, using Department of Business Development filings, lost a cumulative 399 million US dollars from 2019 to 2023.

Robinhood, the app owned by SCB X, was due to close on 31 July 2024 after its operator lost 2.1 billion baht in 2023. The travel, ride, mart and express services shut on schedule, but on 30 July SCB X postponed the food delivery closure because acquisition offers had exceeded its expectations. It then sold the operator, Purple Ventures, on 30 September 2024 to a group led by Yip In Tsoi for up to 2 billion baht, 400 million baht initially and up to 1.6 billion baht more depending on performance. The app kept running without interruption, and SCB X said the buyer had to be a Thai group committed to the platform. So the food delivery side of Robinhood did not leave; it changed owner.

Measures differ, and so does the ranking. An earlier estimate from Redseer for the first half of 2024, reported by Thairath, had LINE MAN first at 44%, Grab at 40% and ShopeeFood at 10%. Momentum Works' 2025 count puts Grab first.

LINE MAN's turn to profit

LINE MAN, which merged with Wongnai in 2020, had 20% of the market in 2020 and 41% in 2025. Its 2024 revenue was 16.7 billion baht, up 44%, with a net loss of 356 million baht, according to KrASIA. LY Corporation's profile of the company says LINE MAN became profitable in 2025. It gives no profit figure.

The platform says it has more than 10 million users, over 500,000 merchants (about 70% of them small independent shops) and 250,000 riders. LINE MAN chief executive Yod Chinsupakul expects revenue growth of at least 20% in 2026. LINE MAN is aiming for a listing in 2027, with Hong Kong, Singapore and Nasdaq under study and the Stock Exchange of Thailand not ruled out, and said it would settle the plan by the third quarter of 2026. It would spend the proceeds on price competition, AI and acquisitions.

The Thai delivery market grew 22% in 2025, the fastest of six Southeast Asian markets measured by Momentum Works, ahead of Malaysia and Vietnam at 19% each. Analyst Passakorn Wangwiwatcharoen of Asia Plus Securities told KrASIA that discount-led strategies are not sustainable and that both leaders' tactics squeeze margins.

The fight moves to restaurants' fees

Restaurants are the prize. When the "Khon La Khrueng Plus" co-payment scheme started on 29 October 2025, Time Out Bangkok reported that LINE MAN cut its fee to 7 to 9%, matching Grab: restaurants that enrolled by 3 November paid 7%, and 9% afterwards. Robinhood waived all fees from 3 November to 19 December for its first 5,000 establishments. ShopeeFood offered 0% to restaurants that signed up on 3 November. A restaurant could join only one platform in the scheme.

Those fee cuts are promotions. For most restaurants, commissions remain a cost problem: KResearch lists restaurants that depend heavily on delivery among the most exposed in 2026, citing low average profit and high platform fees, and the Thai Restaurant Association names delivery platform fees among the pressures on restaurants.

What to watch

The first test is LINE MAN's listing venue and timing, which the company said it would fix by the third quarter of 2026; no decision was found in the sources reviewed. The second is whether its 2026 revenue growth reaches the 20% it expects. The third is whether the 7 to 9% fees offered during the October 2025 co-payment scheme hold once such schemes end.

FAQ

Who leads Thai food delivery?

Grab leads on Momentum Works' 2025 order-value estimate with 47%, ahead of LINE MAN Wongnai at 41%. An earlier Redseer estimate for the first half of 2024 had LINE MAN ahead.

Did Robinhood shut down?

Its food delivery service did not. SCB X announced a shutdown for 31 July 2024, postponed the food delivery closure, and sold the business to a Yip In Tsoi-led group on 30 September 2024. Its other services did close. Robinhood waived restaurant fees during the Khon La Khrueng Plus scheme in late 2025.

Is LINE MAN profitable?

LY Corporation says LINE MAN Wongnai became profitable in 2025, after a 356 million baht net loss in 2024.

Sources

food deliveryGrabfoodpandaRobinhoodShopeeFoodcommissions

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