The financial terms remained undisclosed.
The funding will be mainly used to launch Wongnai’s new O2O services in Thailand as well as expand into new lifestyle verticals.
“We are particularly excited about Wongnai’s future expansion plan. Recent studies show that Thai consumers spend around 5 hours each day on their mobile phone and in many ways Intouch Group is best positioned to take Wongnai to the next level with our access to over 38 million mobile subscribers as well as a strong network of local SMEs in Thailand,” Thanapong Na Ranong, Vice President and Head of Venture Capital team at Intouch Holdings, said.
Established in 2010, Wongnai surpassed two million registered users by the end of last year. It, so far, features over 200,000 points of interest including restaurants, spas and salons across Thailand with detailed information, real user reviews and perks, according to Wongnai’s Co-Founder and CEO Yod Chinsupakul.
“InVent will help us achieve our next exciting milestones to enable Thai people to discover and connect to the best local businesses in Thailand. Considering the fact that 80 per cent of our current traffic are already coming from mobile, Intouch is an ideal strategic partner that we are highly privileged to have on board and work together,” he said.
Wongnai has rolled out two major additions to its product last year. One is Wongnai Beauty, which provides the review on beauty, spa and salon businesses, and the other is e-voucher, which is the initial stage of expanding into O2O businesses and allows users to enjoy special discounts via their mobile phones.
Wongnai is the ninth portfolio company and the largest investment of InVent, a venture capital unit of Intouch Holdings, as well as the first-ever Series B investment in Thai startups made by Thai venture capital to date.
So far, InVent has invested around $8 million in tech startups. Thanapong earlier told the media that InVent would shift its focus from seed funding to Series A or larger ones as more venture capitals have already been active on supporting seed funding to Thai startups.