Thai financial technology leader SCB X Plc has completed the sale of Purple Ventures Co Ltd, the parent company of the Robinhood application, to a group of Thai investors led by Yip In Tsoi Group. The transaction is valued at up to 2 billion baht, which includes an initial payment of 400 million baht and an additional performance-based payment of up to 1.6 billion baht, as confirmed in an SCB X statement.
This acquisition aims to secure Robinhood’s position as a competitive and sustainable food delivery platform designed by Thais, for Thais. SCB X’s Chief Executive, Arthid Nanthawithaya, emphasized the platform’s mission, which was established to support Thai merchants and offer consumers a viable food delivery option during the Covid-19 pandemic.
As part of the sale, SCB X prioritized finding a buyer committed to nurturing Robinhood as a sustainable platform for the Thai community. The investor group, led by Yip In Tsoi, brings extensive experience in technology solutions and is dedicated to maintaining Robinhood’s presence within Thai society, benefiting consumers, merchants, and delivery riders alike.
Morakot Yip In Tsoi, CEO of Yip In Tsoi Co Ltd, expressed confidence in Robinhood’s growth potential, highlighting its robust customer base, quality service, and quick delivery personnel. The platform’s diverse merchant offering positions it well for enhanced competitiveness and inclusive growth within the economic ecosystem.
Customers can expect uninterrupted service from the Robinhood application, ensuring that standards of service, courtesy, and efficiency remain high. SCB X has officially signed an agreement to transfer all shares of Purple Ventures to the investor group, which consists of Yip In Tsoi Group (50%), Brooker Group Public Co Ltd (30%), and SCT Rental Car Co Ltd and Loxbit Public Co Ltd (10% each).
In July 2023, SCB X announced a postponed cessation of Robinhood’s food delivery services, allowing for ongoing evaluation of acquisition proposals while discontinuing other services within the app as scheduled. Yip In Tsoi, established in 1926, aims for a total revenue of 15 billion baht by its 100th anniversary, and is actively seeking investments in emerging industries such as electric vehicles and cybersecurity.
As of late 2023, Purple Ventures had reported accumulated losses of 5.56 billion baht. Results from January 2024 show that Robinhood boasts over 400,000 restaurants, 4.3 million customers, and 40,000 provider partnerships for food and ride-hailing services.
According to K-Research, Thailand’s food delivery market is projected to decline by 1% to 86 billion baht in 2024, reflecting consumer caution amid a slowing economic recovery.
