reader Posted July 30 Posted July 30 From The Nation The operator of the Robinhood application has postponed shutting down its food delivery service, saying that many parties are interested in acquiring the business. According to SCBX’s letter to the Stock Exchange of Thailand (SET) on Tuesday, the decision is based on the company’s ongoing consideration of acquisition proposals for the entire business from interested parties, which have exceeded its expectations. Other services on the application will cease operation as initially scheduled on July 31, it added. “The company is committed to ensuring that the Robinhood application, a product of Thai innovation for Thai people, continues its business operation sustainably to maximise benefits for all stakeholders, including consumers, merchants, and all Robinhood riders,” it said. SCBX also hopes that the postponement of the application’s food delivery service until further notice will receive support from its customers to assist merchants and riders. Previously, SCBX had planned to end all services on the Robinhood application, which is operated by its subsidiary Purple Ventures Co Ltd, saying that the application had completed its mission of supporting merchants, riders, and small businesses throughout the Covid-19 pandemic. The past five years of the Robinhood operations have shown increasing net losses. The company reported an 87-million-baht loss in 202. The net loss surged to 1.335 billion baht in 2021 then to 1.986 billion baht in 2022, with the highest net loss of 2.155 billion baht recorded in 2023. Quote
