PUBLISHED: 30 Jul 2024 at 10:17
Siam Commercial Bank (SCB) has announced it will continue operations of its Robinhood delivery and bookings app, reversing its earlier plan to shut down at the end of the business day on Wednesday.
In a statement to the Stock Exchange, SCB X revealed the decision to delay the discontinuation of Robinhood while evaluating acquisition offers from various companies interested in the commission-free platform.
SCB X expressed surprise at the level of interest from potential buyers, which has exceeded earlier expectations.
The board reached this decision during a meeting on Monday.
Robinhood, operated by Purple Ventures—a subsidiary of SCB X—provides on-demand services such as food delivery and hotel bookings.
Last year, Purple Ventures reported a revenue of 724 million baht, reflecting a 34% year-on-year increase, although losses expanded to 2.1 billion baht, up from 1.9 billion baht the previous year.
