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When Foodpanda exited Thailand in May 2025, it left behind a food delivery market dominated by two players: homegrown platform Line Man Wongnai (LMWN) and regional player Grab. For LMWN, the shake-up presented an opportunity to strengthen its position.
The bet seems to be paying off. For 2025, LMWN grew revenue 21% year on year, while gross profit was up 39%.
However, this came with a widening bottom line. Net loss nearly doubled to US$43 million, which CEO Yod Chinsupakul attributed primarily to one-off, non-cash accounting items, without disclosing further details.
Together, LMWN and Grab account for almost 90% of food delivery spending in Thailand, with the former holding about 41%, according to a Foodspark report.
LMWN is now looking to turn its scale into sustained profitability while diversifying into payments, merchant software, and AI. It is also preparing for a potential 2027 IPO, with several listing venues under consideration.
In today’s Top Story, we take a closer look at LMWN’s 2025 financials, examining its growth drivers and discussing whether its business expansion can put it on a path to profit ahead of its potential listing.
Samreen Ahmad, journalist
TOP STORY
On‑demand services lift Line Man Wongnai’s 2025 revenue to $544m
 Photo credit: Line Man Wongnai While all three of LMWN’s business segments grew in 2025, on-demand services – which includes food and grocery delivery, ride-hailing, and messaging – remained its largest unit, accounting for 88% of revenue.
Revenue from the payments and financial services segment rose nearly 40% year on year, while the merchant digital solutions unit benefited from new merchant acquisitions, low customer churn, and a broader range of product offerings.
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