Robinhood, Thailand’s homegrown food delivery platform under Purple Ventures Co Ltd, expects to resume profitability next year after stepping up efforts to enhance customer loyalty and engagement through its new Robinhood Coin initiative.
Morakot Yipintsoi, chief executive of Purple Ventures, said when Robinhood announced a temporary suspension of its operations last year, the company’s losses reached 9 billion baht.
“But we have seen the business improving gradually and our losses have been declining,” she told the Bangkok Post, adding the company expects to turn things around and make a profit next year.
Formerly owned by SCB X Plc, the technology conglomerate and holding company of Siam Commercial Bank, Purple Ventures was sold to a group of investors led by Yip In Tsoi Group in September 2024 for 2 billion baht.
Regarding the company’s strategy, Ms Morakot said next year’s focus would be on launching campaigns to bring back merchants, especially small local vendors, to the platform as there are still “many potential partners in this segment”.
Free delivery codes and discount codes will remain available, though the company will ensure it does not distort the market, she said. The average order size on Robinhood is 250 baht.
Purple Ventures unveiled Robinhood Coin, a digital membership token aimed at creating the country’s first fan-based community in the food delivery industry. The scheme forms part of Robinhood’s mission to deepen user engagement and transform customer relationships beyond transactions.
Built on ApeChain, a blockchain known for transparency, speed and scalability, Robinhood Coin introduces a verifiable and secure participation ecosystem that allows users to “become part of the platform”, according to Ms Morakot.
Robinhood Coin is a mechanism designed to build a true fan community, one that goes beyond point collection, she said.
“We want users to feel ownership and belonging, to participate in shaping the future of Robinhood with us,” said Ms Morakot.
Under the programme, users earn Purple Points with every food order, with 10 points for every 100 baht spent. Once a user collects 2,000 points, they can redeem 1,000 Robinhood coins, which act as “keys” to unlock exclusive privileges.
These privileges include participation in campaign votes, members-only activities, and special events such as chef’s tables, the Food & Culture Festival, concerts, and cooking workshops.
“Robinhood is more than just a food delivery app. It’s a family of people who share the same spirit. Robinhood Coin represents membership in this journey, where every order and interaction brings us closer together,” she said.
Varit Bulakul, president of the digital asset division at Brooker Group Plc and an advisor to the project, said Robinhood Coin was inspired by Bitcoin’s principles of transparency and finite supply. Total issuance is capped at 21 million coins, with a halving mechanism that reduces new coin issuance over time — ensuring long-term sustainability and rewarding early participants.
The halving event occurs once total circulation reaches 10 million Robinhood Coins, a move designed to control new coin supply, stimulate user demand, and open opportunities for partnerships with other businesses both in Thailand and abroad.
The initiative aims to build a wider ecosystem with minimal capital outlay, positioning Robinhood Coin as a new business model that connects users, merchants, and partners through shared participation and value creation, said Mr Varit.
In the past, becoming a super-app required tens of billions of baht, but in the future the costs will be lower and the process safer, he said. Robinhood wants to pursue this goal once the community is strong enough, said Mr Varit.
The digital token aims to redefine the customer experience in Thailand’s food delivery — turning everyday transactions into meaningful community participation and paving the way for future innovations in digital engagement, he said.
Robinhood has not decided whether to list the coin on a digital asset exchange, with the current focus growing its customer base and enhancing engagement through community activities, said Ms Morakot.
User response and redemption behaviour will be evaluated 3-6 months after launch, she said.
