Almost Six years after the 2020 merger, LINE MAN Wongnai (LMWN) has evolved into Thailand's largest lifestyle infrastructure, serving over 10 million users. Having achieved profitability in 2025 and now setting its sights on a 2027 IPO, the company is making a bold move toward its next phase of growth with a 10-billion-baht (approximately 40 billion yen) investment in AI.

How did they build this massive ecosystem--comprising 500,000 merchants and 250,000 riders (i.e. delivery partners)--and continue to outpace the competition? We spoke with Co-Founder and CEO Yod Chinsupakul about the future of AI-driven experiences and the source of passion that drives him to grow alongside stakeholders.

A "Triple Threat" Business Model: On-Demand, Merchant DX, and Fintec

―― It has been several years since the integration of LINE MAN and Wongnai. Your company is now a true "infrastructure for daily life" in Thailand. Could you walk us through your core services?

LINE MAN and Wongnai merged in 2020. At the time, LINE MAN focused on food delivery and ride-hailing, while Wongnai was a restaurant review platform. Since then, we have significantly expanded our portfolio.

Currently, our business is built upon three main pillars.

The first is On-Demand Services. This is a major unit encompassing food delivery, ride-hailing, grocery delivery, messenger services, and our advertising business, serving over 10 million users. With more than 500,000 merchant partners and 250,000 riders operating across the country, we have secured the number one market share in food delivery and have grown into a service with exceptionally high engagement.

The second is Merchant Digital Solutions, which focuses on DX (Digital Transformation) support for businesses. Since its launch in 2018, we have provided POS systems for restaurants, beauty salons, spas, and clinics, holding the number one share in this market as well. Our system is already utilized by over 70,000 businesses, and as a SaaS model, it has achieved very high profitability.

And the third is Payment and Financial Services. We have deeply integrated LINE Pay--a widely used payment service in Thailand--with our ecosystem of food delivery, on-demand, and POS services. This integration allows for seamless convenience not only online but also at various physical merchants throughout Thailand. By expanding this offline network, we are delivering a service that is truly an integral part of people's daily lives.

Furthermore, we go beyond simple payment functions to offer financial services such as lending. These services are designed for all our stakeholders--from the riders and merchants who sustain our daily operations to our general users. This Payment and Financial Services pillar has become a vital foundation that reinforces our entire business.

The Power of the Ecosystem: A Unique Competitive Edge

――Looking at the latest data, such as user and merchant numbers, how do you define LINE MAN Wongnai's current position in the market?

We believe we have built a truly unique position in the Thai market. This is because we cover multiple sectors of the digital economy--from food and grocery delivery to ride-hailing, merchant POS systems, and even payment services--holding significant market share in each category.

Our business is structured so that as digital penetration grows across Thailand, we grow right along with it. Looking at the domestic landscape, there is no other company that possesses such a comprehensive ecosystem. Furthermore, our greatest strength and uniqueness lie in the fact that all our stakeholders--users, merchants, and riders--are interconnected through a single, unified data set.

While we currently hold the number one position in multiple markets, our pride comes from more than just our "breadth" of scale; it is the fact that we are also number one in terms of having "depth" within each industry, establishing a dominant presence in every sector we serve. This balance of both "breadth and depth" is what truly defines our position today.

―― I understand you founded the restaurant review platform "Wongnai" after studying in the U.S. As an engineer and a foodie inspired by your time abroad, what do you hope to achieve by combining Thai street food and local culture with technology? What is the source of your passion?

My current role is the perfect intersection of my personal passions, my engineering background, and the strengths I have cultivated over the years. I have always loved Thai food and wanted to share its charm with as many people as possible. In addition to leveraging my experience, there is a deep sense of purpose in building a service from the ground up alongside my fellow engineers. My co-founders are also engineers, and our ability to approach challenges from a technical perspective is a significant competitive advantage.

In entrepreneurship, you have to pave your own path from zero. In that process, I believe our greatest strength is our unrivaled ability to execute. We don't just dream; we turn those dreams into functional, large-scale services specifically for our country. By pouring our strengths into capturing market share and outpacing the competition, we aim to deliver real results for Thailand. That drive to execute is our core role and the reason we continue to challenge ourselves.

――As a platform, what role do you want to play in society, and what value do you hope to deliver?

As a platform operator, our top priority is delivering value to every stakeholder involved. Whether it's our users, merchants, riders, employees, or shareholders, we strive for a balance where everyone succeeds together, rather than one party profiting at the expense of another.

For instance, providing work opportunities for 250,000 riders is deeply meaningful to us. For our 500,000 merchant partners and their employees, we offer more than just increased sales; we provide business sustainability and new sales channels. In this way, we serve as an economic engine that drives society forward.

However, we want to provide more than just a source of income. For our riders, we extend our support to their families as well--one example is the annual scholarship program we host for their children.

Furthermore, we provide access to financial services. Many riders are unbanked or find it difficult to secure traditional loans. Because we have their activity data and understand them deeply, we can offer support like loans. From financial stability to overall quality of life, our goal is to walk alongside all our stakeholders and support them from multiple angles.

Leaving No One Behind: An Economic Engine Supporting Every Stakeholder

――Thailand is home to countless street food vendors. What is the significance of connecting these small shops with users in highly congested urban areas?

There are approximately 700,000 restaurants in Thailand. Over 500,000 of them are on our platform, and about 70% of those are small, independent shops. Our mission is to provide opportunities for these small restaurants--the foundation of the industry pyramid--to use tools like LINE MAN's food delivery, Wongnai's POS, and LINE Pay to expand their business and achieve sustainable growth.

As a new manifestation of this, we just supported the Bangkok Metropolitan Administration in opening a hawker center in Bangkok's Lumpini Park in April 2026 where over 100 stalls gather. In addition to cash payments, we have implemented our technology in an offline setting, including cashless payment devices with sound notifications for payment confirmation. With LINE MAN and LINE Pay logos on display, it has become a place where users can enjoy Thailand's rich food culture while feeling our presence in a tangible way. I am convinced that our role is to support small businesses from both digital and physical perspectives and to grow together with them.

――You achieved profitability for the first time in 2025. As your next growth strategy, you are reportedly moving forward with a 10-billion-baht investment in AI. How will this investment evolve the user experience and business operations? Could you share your concrete vision for this initiative?

I see immense potential in AI. We are currently reviewing every single business process with the perspective of "how can we optimize this with AI?" For example, in customer service, where we handle tens of thousands of inquiries daily, AI already manages 40% of the total volume. Since its implementation, we've seen results beyond simple cost-cutting: users are more satisfied because AI provides immediate, high-quality responses 24/7 without fatigue, which has also led to a decrease in cancellation rates.

Furthermore, we want to harness the power of AI to benefit all our stakeholders, so we began by providing tools for our merchants. AI supports them with functions such as menu image enhancement, multi-language support, and promotion optimization, helping to maximize sales while reducing the operational burden.

For users, we are also preparing AI-powered ordering features while monitoring leading examples in markets such as the U.S. and China. While we aim to be AI-driven, we also want to remain firmly grounded in reality. Rather than simply following trends, we will carefully determine which challenges are best solved with AI and implement solutions faster than anyone else, in ways that deliver real value.

――Regarding your plans for an IPO to fuel further growth, could you share your current progress and future outlook?

We are steadily making preparations with a target of going public in 2027. Beyond our financial performance, the strengthening of our internal governance and organizational structure is proceeding smoothly. We are currently in the final stages of coordination with our stakeholders and partner companies. Regarding the listing venue, we are carefully evaluating multiple options, including the Stock Exchange of Thailand (SET), as well as Singapore, Hong Kong and the NASDAQ in the U.S. We intend to make a strategic decision by closely monitoring market conditions to determine which venue will best maximize our long-term growth potential.

――As an AI company with deep understanding of the local economy, how do you plan to differentiate LINE MAN Wongnai from its competitors? Furthermore, with the strategic advantages of LINE Pay, your merchant solutions, and the broader assets of the LY Corporation Group, what is your long-term outlook for leading the market in Thailand and across Asia?

Our strengths can be categorized into three main pillars.

First is the overwhelming scale of assets as part of the LY Corporation Group. The LINE app holds the largest market share in Thailand, and combined with its brand power and our partnership with LINE BK, these form a unique set of assets that serves as a powerful differentiator against our competitors. Second is our robust network with restaurants. With so many eateries registered on our platform, we have built a deep ecosystem through our POS systems. We are the only player capable of serving as a one-stop shop for such a multifaceted range of services, providing a significant advantage for merchants. Third is our hyper-local execution. Our local teams, who know the ground intimately, can immediately execute campaigns and business strategies tailored to Thailand's unique market environment and culture. This agility is a core strength that global competitors simply cannot match.

Looking ahead, we will leverage these strengths to challenge new frontiers. In the Fintech sector--where technology meets finance--we are only at the beginning, but the potential for 10x or 20x growth is immense. We also see significant opportunities in markets that have yet to be fully digitalized, such as healthcare and telepharmacy. By combining our expansive ecosystem with our local execution capabilities, I am confident we can digitalize a vast range of industries in Thailand and grow them into much larger markets.

Driving a Team of 1,300: Maintaining a Startup Spirit and the Pursuit of Speed

――What kind of individuals make up the rapidly growing LINE MAN Wongnai team? Could you also speak to the organization's sense of speed and your own leadership style?

The common thread among our team members is a strong desire to "make a positive impact on society". We have gathered people who find genuine joy in seeing our products support the daily lives of their families and friends while providing work opportunities for hundreds of thousands of people.

At the very core of our organization is speed. Even as we have grown to a scale of 1,300 employees, we have never lost our startup spirit. Our core values are to iterate through experiments without fear of failure and to make decisions rapidly. If someone has an idea, they can execute it immediately within their budget; for larger new projects, they can propose them directly to me to secure the necessary resources.

My personal leadership style is results-oriented and direct. I am thoroughly committed to the details and drive projects forward with a sense of urgency. While we have many experts in specific fields who surpass me, when it comes to passion and drive for growing a service, I am confident that I am second to none.

Currently, we have adopted a hybrid work model where we gather in the office three days a week. We continue to take on exciting challenges while collaborating across our bases in Bangkok, Chiang Mai, and even our international locations.

――You are well-known as a "foodie." In the midst of your busy schedule, how do you continue to enjoy your passion for food?

In the past, I used to challenge myself to explore at least two new restaurants every week. Recently, however, I've become more health-conscious and try to maintain a balance, such as having only one meal a day during the weekdays. That makes the time I spend enjoying meals with my family and children on the weekends feel even more special. Since my children are still young, we often rely on food delivery at home. Through our own service, I truly feel every day that we have such a rich variety of dining options available even from the comfort of our house. By the way, as for Japanese food, I absolutely love Tonkatsu (deep-fried pork cutlet), and my children are huge fans of Japanese Ramen.

――Finally, could you share your perspective on the challenges and risks facing your business in the future?

Of course, it is not all positive news. As a CEO, I am constantly vigilant regarding external risks that are beyond our control. Challenges such as geopolitical issues and macroeconomic pressures have become a reality; for instance, Thailand's GDP growth has slowed, leading to a decrease in average order values among consumers. Furthermore, we face daily challenges such as intense competition in a mature market and the risk of new entrants from overseas.

In the face of such uncertainty, our approach is to "hope for the best, but prepare for the worst". For example, if fuel prices soar due to the impact of war, the livelihoods of our riders are directly affected. We anticipate such scenarios and secure support budgets in advance. Rather than reacting after something happens, we maintain a constant state of readiness to extend a helping hand the moment an unforeseen event occurs. I believe this proactive stance is what will allow us to continue winning in these unpredictable times.

Interview date: April 23, 2026
Written by: LY Corporation Story Editorial Team
Photos by: Yoshinobu Hibiya
*The affiliations and titles in the article are as of the time of the interview.