SCB could raise up to a billion baht in valuation from selling Robinhood Application, while also avoiding setting an impairment for the cessation. This follows the report of the company receiving acquisition proposals for the app.
Robinhood was built in 2020 to be an application primarily for food delivery service to alleviate the impact of the Covid-19 pandemic on society.
SCB announced in late June that it will end the service on July 31, but later delayed the cessation, citing an ongoing consideration of acquisition proposals for the entire business from interested parties, which have exceeded its earlier expectations.
Tisco Securities stated that this is positive news for SCB. The market has already written off the value of Robinhood for a potential maximum impairment of 1 billion baht, given the current value in SCB’s assets. Which is why this news comes as a surprise as this business unit should have some value.
There are no numbers revealing as of now, but note that Robinhood has some value in it despite recording a 2.2 billion baht of loss last year. The app has 4.5 million registered users with 385,000 merchants on board with 39,000 riders.
