Compared with the rivals Baemin and Coupang Eats, Yogiyo has been losing market share. Its buyer will likely need to make a substantial investment, he said. From the perspectives of PEFs, it seems uncertain whether Yogiyo can enhance its corporate value over the next four to five years. It remains to be seen whether the shortlisted candidates will enter the final bidding round, he added.
Baemin commands 66% of the food delivery service market in South Korea, followed by Yogiyo with 17.9% and Coupang Eats with 13.6%, according to the Global Bigdata Research, a Korean data provider.
BUILDING IT INFRASTRUCTURE
Global PEF managers admitted to the difficulty of assessing Yogiyo s value. The biggest problem is how to build an IT infrastructure for the delivery app from scratch once it is separated from the German delivery giant, and how much it would cost.
Reliance loses retail crown to S Korean ecomm rival
May 10, 2021
Reliance Retail has recorded a YoY growth of 41.8 per cent, driven primarily by a 13.1 per cent increase in the number of stores
Reliance Retail has recorded a YoY growth of 41.8 per cent, driven primarily by a 13.1 per cent increase in the number of stores×
Coupang Corp fastest growing in list of 250 firms South Korean e-commerce company Coupang Corp has overtaken India’s Reliance Retail to be the fastest growing company in the Top 250 of Deloitte’s Global Powers of Retailing 2021 report. Mukesh Ambani-owned Reliance Retail was last year’s Fastest 50 leader.
Wash Swat founders examining clothes at a laundromat. (From left: Ye Sang-wook, Namgung Jina)
South Korea-based laundry service startup Wash Swat Inc. has secured 17.5 billion won ($16 million) in Series B round funding, bringing the company s total amount raised to date to 27.7 billion won, according to the company on May. 3.
A new batch of investors participated in the latest funding, including UTC Investment, Industrial Bank of Korea, KB Securities, ES Investor and T Investment, alongside existing investors.
Established in 2015, Wash Swat was co-founded by Namgung Jina and Ye Sang-wook, with a team of employees who were founding members of e-commerce giant Coupang Corp., which made its trading debut in the US in March.
A warehouse of Korea Superfreeze
Korea Superfreeze Co., 24.95% owned by Goldman Sachs PIA, will spend 2.5 trillion won ($2.2 billion) in building six cold storage facilities in South Korea this year, part of which the private equity firm will finance, according to sources with knowledge of the matter on Apr. 26.
Its facility investment plan comes as Coupang Corp., the country s No.2 e-commerce platform is expected to invest around 4 trillion won in securing new distribution centers over the next five years following its $4.6 billion New York listing last month.
Founded by private equity firm EMP Belstar in 2015, Korea Superfreeze was the first company in the country to use cold energy extracted from liquefied natural gas (LNG) frozen at minus 162 degrees to refrigerate vast storage warehouses.