Thailand’s three unicorns — Bitkub Capital Group Holdings, Flash Express and Line Man Wongnai — are entering a transformative phase as they gear up for initial public offerings (IPO) and aim to become part of the country’s critical infrastructure.
For the first time, all three founders came together to share their insights on the same stage at “Rebuilding Thailand’s Startup: The Unicorn Stage”, hosted by Bitkub Capital.
“My next ambition is to launch an IPO and build one unicorn over the next five years,” Yod Chinsupakul, chief executive and co-founder of Line Man Wongnai, told the Bangkok Post on the sidelines of the seminar.
Mr Yod said the company plans to announce a merger and acquisition deal as part of its growth plan by September, but he declined to elaborate further.
A source close to Line Man Wongnai said the deal is related to software for customer relationship management.
Mr Yod said early in his career, he was eager to become rich and build a unicorn.
He has an engineering background and worked in corporate roles before launching Wongnai, a review website. Mr Yod spotted market opportunities in the domains of food delivery, point of sale systems, and fintech payment.
He said the partnership between Wongnai and Line Man began when he agreed to share his restaurant database free of charge, with the expectation of future revenue sharing. Later the two entities merged, leading to the creation of Line Man Wongnai.
“With dedication, effort and perseverance, you can build something real,” said Mr Yod. “If the opportunity arises, take the leap. Keep going until the dream becomes reality.”
Komsan Lee, chief executive of Flash Group and founder of Flash Express, told the Bangkok Post the next step for Flash is to launch an IPO, either in Thailand or another country.
He said in the beginning, he didn’t fully understand how to start a business, which in a way made him fearless.
Mr Komsan observed the success of lower-cost operators in China’s delivery sector and decided to adapt the model used there to fit the Thai market.
Jirayut Srupsrisopa, founder and group chief executive of Bitkub Capital Group Holdings, a Thai digital assets and blockchain technology firm, said he established Bitkub by connecting the dots, supported by his economic background and learning from global visionaries.
When it comes to Bitkub, which holds customer assets valued at 100 billion baht in its digital asset trading system, he said trust is vital.
The company has been profitable over the past five years and is now aiming to become part of the nation’s critical infrastructure, said Mr Jirayut.
“At this stage, we are building the public perception that Bitkub is a ‘financial institution’ that is revolutionising finance,” he said.
Bitkub wants to launch an IPO during the fourth quarter this year or first quarter of 2026, said Mr Jirayut.
Mr Komsan said young people who have a passion to start a business should work with corporations first in order to learn a profession.
“Don’t jump in too soon. Work with a professional company first,” he said. “I faced legal issues because I wasn’t professional. You need to learn to complement your passion.”
Mr Yod said in the early days he was discouraged and thought about quitting the business.
“Co-founders and team members are crucial — they should complement each other’s skill sets, share the same vision, and be compatible,” he said.
Opportunities exist
Mr Yod said in this economic environment, a new unicorn emerging is unlikely, especially in the business-to-consumer segment where there are dominant players.
Yet opportunities exist for new unicorns in the business-to-business segment, he said.
“There is an opportunity for someone to use AI to crack a new business, then look to the global market,” said Mr Yod.
Mr Komsan said opportunities always exist, even in challenging circumstances. China is expanding its presence in Southeast Asia, and if Thais have good ideas and money, they can collaborate with the Chinese, he said.
Small businesses are more agile and easier to scale, especially with the rise of advanced technologies such as AI, said Mr Komsan.
The key is to go all in while having a plan B, and stay focused on how to reach your destination, he said.
