SKY ICT Public Company Limited (SET: SKY) and Thoresen Thai Agencies Public Company Limited (SET: TTA) plan to acquire Robinhood’s intellectual property through a venture with SCB X Public Company Limited (SET: SCB), according to a source close to the deal. The arrangement would keep the Thai food-delivery platform running after its earlier sale to a Yip In Tsoi-led investor group stalled.
The proposed purchase brings together Thailand’s SET-listed technology company SKY and shipping group TTA in a market dominated by two competitors. Robinhood’s new investors face the task of establishing a distinct position while addressing the funding demands that prompted its previous buyer to step back.
Thailand’s food-delivery market generated $5.1 billion in gross merchandise value in 2025, according to Momentum Works. Growth of 22% from a year earlier made it Southeast Asia’s fastest-growing market, even as business became increasingly concentrated among the largest operators.
Grab accounted for 47% of the market and LINE MAN for 41%. ShopeeFood held 10%, while Foodpanda had 2% before leaving Thailand in May 2025. Together, Grab and LINE MAN controlled nearly 90%, supported by their customer bases, restaurant networks and resources for marketing.
Price competition, promotional spending and efforts to win customers have intensified since the Covid-19 pandemic. Those pressures form the backdrop to Robinhood’s ownership changes and the concerns over its continuing cash requirements.
In September 2024, SCB sold Purple Ventures, the subsidiary behind Robinhood, to investors headed by the century-old trading business Yip In Tsoi Group. The transaction carried a value of 2 billion baht, consisting of 400 million baht paid initially and as much as 1.6 billion baht tied to performance.
More recently, concerns about financing the platform’s heavy cash consumption led Yip In Tsoi to pull back from active marketing. It subsequently opted to hand the business back to SCB under the terms of the earlier agreement, halting the multibillion-baht ownership transition.
Under the replacement arrangement, SKY and TTA would each own 45% of the acquiring entity, leaving SCB with 10%. The consortium would buy the core intellectual property directly from the bank, including Robinhood’s software and brand logo. Service on the platform is to continue without interruption during the change.
The competitive challenge extends beyond the size of the leading operators. Each major platform draws on other businesses, customer relationships or services to support its food-delivery offering.
Grab combines food delivery with transport and other services, drawing on its existing users and GrabUnlimited membership programme. Its GrabThumbsUp and Only at Grab offerings also distinguish the platform through selected restaurants and exclusive menus.
LINE MAN Wongnai connects ordering services with Wongnai’s restaurant information and reviews. Its broad merchant network supports an approach aimed at serving both diners and restaurant operators.
ShopeeFood, meanwhile, uses Shopee’s e-commerce customer base, links to financial services and promotions to reach price-sensitive consumers. Its market share rose from 7% in 2024 to 10% in 2025 following Foodpanda’s departure.
Robinhood is preparing to compete with restaurant commission charges, known as GP fees, of 5–10.5%. That compares with rates reaching about 30% on some competing platforms. Participating merchants would also be required to charge the same menu prices online as they do in their restaurants, an approach intended to attract businesses and build lasting confidence.
Lower commissions and consumer discounts, however, are only part of the competitive demands described for the platform. Building a regular user base, encouraging more frequent orders and developing other services to generate additional revenue are also challenges for the incoming investors.
SCB’s board has approved the proposed transaction, according to a source. Signing is expected by the end of November, with the new group scheduled to take over operations in December.
