SCB X in Bangkok has sold Purple Ventures, the operator of the Robinhood food delivery app, to a consortium of investors led by Yip In Tsoi Group for up to two billion baht. This sale helps prevent the app from closing due to significant losses. Robinhood was launched during the COVID-19 pandemic to assist struggling businesses.
In Bangkok, the financial institution SCB X has sold Purple Ventures, the company behind the Robinhood food delivery app, to a group of investors.
The sale, valued at up to 2 billion baht (approximately 61.4 million dollars), prevents the app from shutting down due to substantial losses.
The leading investor, Yip In Tsoi Group, specializes in cybersecurity, data analysis, and digital transformation services.
Robinhood was initially launched during the COVID-19 pandemic to support struggling businesses.