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Jul 16, 2024 - 07:19
By asia.nikkei.com

Thai food delivery apps struggle to survive in red ocean market

BANGKOK -- A rising Thai food delivery star during the lockdown days has become the latest casualty of a red ocean market into which other former rivals have already flushed billions of baht in cumulative losses.

Robinhood, which shot to fame after winning a funding deal from Siam Commercial Bank, has issued a statement announcing it will officially shut down on July 31, sunk by a cumulative loss of more than 5 billion baht ($140 million).