From what I found out, Lunarwrite is developed by MEB Corporation Private Company Limited. They began on 2014 and recently went public on 2023.
They are apparently the top EBook Store in Thailand and was even Thai's highest grossing app since 2015.
In 2017 they launched readAwrite. A Thai publishing platform.
Lunarwrite is I guess their recent project which is basically an English version of ReadAWrite.
I assume they are following tencent's (owner of webnovel) approach now that they have already found success in their home ground and hope to penetrate the international market. The only difference is that unlike webnovel, lunarwrite seems to be dedicated to BL/GL/Romance content.
Their method of going international is different from Kakao who became owner of Tapas Media by acquisition.
It is understandable that people are skeptical about it since it's not well known in the west as they are still new, I guess. We can give it maybe few months to a year and see where they go XD