Handing Over the Thai Food Delivery Platform for Thais
Bangkok, Thailand – 30 September 2024 - SCB X Public Company Limited (SCBX), a leading financial technology group in Thailand, has announced the signing of a share purchase agreement to sell all shares of Purple Ventures Co., Ltd., the provider of the Robinhood application, to a group of investors led by Yip In Tsoi Group. The total transaction value is up to 2 billion baht, consisting of an initial payment of 400 million baht and an additional performance-based payment of up to 1.6 billion baht. This transaction is under the intention to ensure Robinhood remains a competitive and sustainable food delivery platform developed by Thais for Thais.
Mr. Arthid Nanthawithaya, CEO of SCB X Public Company Limited (SCBX), said, "Robinhood was launched with a strong mission to provide a Thai food delivery platform to help merchants with their businesses while offer consumers an alternative, especially during the COVID-19 crisis. When it was time for SCBX Group to decide to handover the Robinhood business to the next investor group, one of the key criteria was that the buyer must be a Thai business group devoted to developing Robinhood into a sustainable platform for Thais. The investor group led by Yip In Tsoi Group is robust and experienced in comprehensive technology solutions and is pledged to maintaining Robinhood’s presence in Thai society for the benefit of all stakeholders, including consumers, merchants, and delivery riders."
Mrs. Morakot Yip In Tsoi, CEO of Yip In Tsoi Co., Ltd., said, "As the leader of the investor group in acquiring Robinhood from SCBX, we see the potential in Robinhood's food delivery service, which has a solid customer base, quality service, and polite and fast delivery riders. Additionally, the variety of merchants available on the platform, including well-known and unique establishments, makes it an excellent opportunity for the Yip In Tsoi investor group to further develop the business, enhance Robinhood's competitiveness, and foster inclusive growth within the ecosystem. Robinhood will continue to connect people with merchants and the economy of the country."
Customers can continue to use the Robinhood application without disruption, maintaining the premium standards of service, courtesy, and efficiency to ensure an optimal experience.
About SCB X Public Company Limited (SCBX)
SCBX is the mothership of the financial technology business group, comprising 12 subsidiary companies that operate across three key business pillars: Banking Business, Consumer and Digital Finance Business, and Platform and Technology Business. In addition, SCBX also focuses on Climate Technology, aspiring to become ‘The Most Admired Regional Financial Technology Group’. The company conducts its business with flexibility and prudence in governance and risk management and has possesses the potential to compete equally in global competitions.
About the Investor Group Led by Yip In Tsoi
The investor group, led by Yip In Tsoi Group, is one of the leading companies in comprehensive information technology, advanced engineering technology, energy and agricultural technology, as well as innovative social businesses. With nearly a century of expertise and commercial acumen in investing in successful businesses, Yip In Tsoi takes pride in its legacy as a long-standing Thai enterprise that has consistently grown and evolved. This dedication propels Yip In Tsoi to actively contribute to creating of a robust business ecosystem on the Robinhood platform, ensuring its seamless integration with the Thai economy and society. The group collaborates with leading Thai businesses, including the Brooker Group, a cutting-edge financial and investment advisory firm and one of the largest digital asset holders in Southeast Asia; SCT Rental Car, a leader in personal and commercial vehicle leasing; Additionally, LOXBIT, a subsidiary of Loxley, provides IT solutions in Thailand and offers comprehensive digital lending solutions and embedded financial services to ensure smooth and secure transactions for the government, businesses, and consumers.
