Grab and Line Man Wongnai are competing strongly to become market leaders in a duopolistic market amid a challenging economy, with the latter slashing fees to attract merchants.
According to the Department of Business Development, Line Man Thailand, which operates Line Man Wongnai, recorded a net profit for the first time of 542 million baht in 2025, compared with a net loss of 356 million baht in 2024.
The company's gross revenue was 19 billion baht, up from 16.1 billion baht.
Line Man Wongnai plans to launch an initial public offering by 2027.
Meanwhile, Grab Taxi (Thailand) reported a 75% decline in net profit to 379 million baht in 2025, from 1.5 billion baht in 2024, while gross revenue continued to grow by 19% to 23.3 billion baht.
The intense competition between them was evident in the state-run Thai Chuay Thai Plus (Thais Help Thais Plus) co-payment scheme.
Line Man Wongnai has cut its gross profit (GP) fee for merchants participating in the Thai Chuay Thai Plus scheme to 10%, down from 15%, in a move to compete with Grab, which offers a GP rate of 9% under the Thai Chuay Thai scheme.
Robinhood charges a GP rate of 10.5%, while ShopeeFood charges 13%.
The average GP rate in the online food delivery market is typically up to 30%.
The Line Man Wongnai special 10% GP rate applies only to merchants who apply to join by June 10. Those who apply after that will be charged the 15% rate.
Line Man Wongnai will invest 400 million baht to help merchants in the Thai Chuay Thai scheme reduce costs and increase sales during a challenging economic period.
Government stimulus programmes have become a key driver of food delivery demand and help platform players maintain market share.
According to Singapore-based research firm Momentum Works, Thailand was the fastest-growing food delivery market in Southeast Asia last year, with gross merchandise value (GMV) rising from US$4.2 billion in 2024 to US$5.1 billion in 2025.
The market is a duopoly, with Grab holding a 47% share of GMV while Line Man Wongnai accounted for 41% in 2025.
Line Man Wongnai and Grab saw their market shares increase year-on-year by 1% each in 2025, while ShopeeFood's share rose to 10%, from 7%.
Yod Chinsupakul, chief executive of Line Man Wongnai, said the company hopes to see the government expand cooperation under the Thai Chuay Thai Plus project towards broader budget support, aimed at reducing costs and sustainably enhancing the potential of restaurants in two main areas.
The first is reducing long-term hidden costs through green packaging. Currently, Line Man Wongnai has partnered with Gracz to provide merchants with access to eco-friendly packaging at affordable prices.
However, if the government steps in to provide additional subsidies, it would significantly ease the financial burden on restaurants and allow for a much broader impact.
The second dimension is driving digital transformation through point-of-sale (POS) systems.
If the government provides budget support for small-scale merchants to access shop management technology, such as POS systems, it will help enhance their ability to systematically manage revenue and expenses.
