Wongnai hungry for more success
After making a mark with restaurants, social network aims to cater to sectors
Wongnai Media, the owner of Wongnai.com and Wongnai application, aims to have 1 million members by the end of 2013 just two years since its inception.
It aims to break even by 2014.
Wongnai is a social network equipped with the key feature of publishing reviews that is designed specifically for the food and restaurant business.
Yod Chinsupakul, founder and chief executive officer of Wongnai Media, said that the concept involves user-generated content. The company has developed and provides a platform for people looking for restaurants and those who want to publish their food review. The service is available across devices, on Internet-connected PC and also smart phones and tablets across platforms - iOS and Android. In the future, it will be on BlackBerry 10 and Windows Phone 8 as well.
"Wongnai.com plays a role as a media for the online community of people who love to dine away from home and want to find good restaurants," said Yod.
The company earns revenue by offering the services. It has three different revenue streams - premium listing, banner ad, and advertorial. It achieved Bt10 million revenue in 2012. The company aims to keep growing its business in terms of revenue, number of reviews and number of members.
Today, Wongnai attracts 30,000 visits per day. It has more than 350,000 registered members who together contribute some 100,000 restaurant reviews.
"The accuracy of information that Wongnai provides is one of the key strengths of the services," said Yod.
Late last year, the company joined hands with Nostra Map, Nostra, Thailand Map with more than 830,000 points of interests throughout the country developed by CDG GlobeTech Co, the provider of Thailand navigation map.
"Partnering with Nostra Map helps Wongnai to strengthen its services with more restaurants and more information, especially location and map, to add to Wongnai's services," said Yod.
"We want Wongnai to be the standard default of the restaurant industry in Thailand," said Yod.
He added that today Wongnai covers more than 90 per cent of total restaurants in Thailand with more than 100,000 listed on its index. These restaurants are searchable by name and location. They can provide some details and address on the list. Importantly, it is free of charge.
"If they want to use premium listing as advertorial, they will be asked to pay for the service," said Yod.
Wongnai aims to expand its service beyond the restaurant business. With the concept, business model, and technology platform, Yod said Wongnai could be applied for any kind of business.
He added that now several investors are interested in co-investing. It is in the process of due diligence with two foreign investors, but could not reveal details.
"For now, we are concentrating on providing good service rather than focusing on revenue. Its performance in 2012 was a 5-7 per cent improvement year on year. We are now looking for partners who want to invest in our business. We need advice and consultants from venture capitalists that will scale us to a higher level," said Yod.
Last year, it won the "Khun Seuk VS Samurai: First Thai-Japanese X-Culture Startsup Pitching", hosted by Software Park Thailand and Samurai International Japan.