Thailand's Robinhood food delivery app lives on after sale to consortium

Financial group SCB X reaches deal with group led by domestic IT services provider

Robinhood was launched during the coronavirus pandemic with the aim of helping struggling businesses. (Photo by Shinya Sawai)

KOSUKE INOUE, Nikkei staff writer

October 2, 2024 02:52 JST

BANGKOK -- Thai financial institution SCB X has sold Purple Ventures, the operator of food delivery app Robinhood, to a consortium of investors for up to 2 billion baht ($61.4 million), giving a lifeline to the popular service that was on the verge of shutting down due to huge losses.

SCB X has announced that it had signed a memorandum of understanding with Yip In Tsoi Group, the leader of the investor group and a domestic provider of cybersecurity, data analysis and digital transformation services.