SCB X Public Company Limited (SCBX) sold all shares of Purple Ventures Company Limited, the service provider of the Robinhood application, to a group of investors led by the Yib In Tsoi Group, for a maximum value of 2 billion baht, consisting of an initial value immediately paid of 400 million baht and an additional amount based on the performance results, not exceeding 1.6 billion baht.
Mr. Arthid Nanthawithaya, Chief Executive Officer of SCB X Public Company Limited or SCBX, said that Robinhood started its business with the commitment to provide our country with a Thai food delivery platform to help restaurant operators continue their business and serve as another option for consumers since the COVID crisis. When the time came for SCBX Group to decide to pass on the Robinhood business to the next group of investors, one of the important factors used as criteria for considering those interested in acquiring the business was that it had to be a Thai business group that was committed to developing Robinhood
into a stronger platform for Thais for Thais. The group of investors led by Yib In Tsoi Group has strength and expertise in comprehensive technology solutions, but importantly, they also have the intention to bring Robinhood to be a part of Thai society for the greatest benefit of all stakeholders, including consumers, merchants, and food delivery riders.
Mrs. Morakot Yib-In-Tsoi, Chief Executive Officer of Yib-In-Tsoi Co., Ltd., said that the group sees the potential of Robinhood’s food delivery service, which has a strong customer base, is of high quality, and is outstanding in its polite and fast rider service. In addition, the types of stores that provide services are diverse because in addition to famous leading stores, there are also stores with interesting unique characteristics. These factors, along with being a Thai platform with a good foundation, are a good opportunity for Yib-In-Tsoi investors to develop the business to further strengthen Robinhood, have better competitive capabilities, and creat
e inclusive growth for the business in the related ecosystem.
Customers can still use the Robinhood application as usual. Robinhood will maintain its quality, polite, and fast service standards to provide customers with the best possible experience.
Source: Thai News Agency