SCB sells food delivery platform Robinhood for over $61.3m

The buyers, led by Yip In Tsoi Group, will make an initial payment of $12.27m.

SCB X has sold all its shares in Purple Ventures Co., the provider of the food delivery platform Robinhood, for $61.37m (THB2b).

A group of investors, led by Yip in Tsoi Group, purchased the company, SCB X said in a press statement posted on the Siam Commercial Bank website.

The buyers will make an initial payment of $12.27m (THB400m) and additional performance-based payment of up to almost $49.1m (THB1.6b).

Yip In Tsoi Co.’s CEO Morakot Yip In Tsoi said that they see potential in Robinhood’s food delivery service, citing its solid customer base, the quality of its service, and ‘polite and fast’ delivery riders.

“Additionally, the variety of merchants available on the platform, including well-known and unique establishments, makes it an excellent opportunity for the Yip In Tsoi investor group to further develop the business, enhance Robinhood's competitiveness, and foster inclusive growth within the ecosystem,” Yip said in a statement.

(US$1 = THB32.59)