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.