SoftBank to Invest $1 Billion in Coupang, Korea's Largest Online Retailer
- Coupang is Korea's Largest and Fastest Growing Standalone e-Commerce Player
- Strong Growth Continues with GMV Increasing 80% year-on-year
- Investment Reinforces No. 1 Position in Mobile Commerce, which Accounts for 75% of Revenue
- Coupang Joins SoftBank's Portfolio of Disruptive and Industry-Leading Internet Companies
- Coupang Becomes a Member of Elite Group of Companies to Raise $1 Billion in a Single Round
SEOUL, South Korea and TOKYO, June 3, 2015 /PRNewswire/ -- SoftBank Corp. ("SoftBank") and Coupang today announced a definitive agreement under which a subsidiary of SoftBank will invest $1 billion in Coupang, the largest and fastest growing standalone e-commerce player in Korea. The investment is expected to close at the beginning of July, 2015 and will bring the total amount of funding raised by Coupang over the past year to nearly $1.5 billion. This funding will fuel Coupang's innovations in its end-to-end fulfillment service, same-day delivery network and leading mobile applications that will extend Coupang's leadership in future. Coupang will also expand its R&D offices in Silicon Valley, Seattle, Shanghai and Seoul.
Driven by an unprecedented level of mobile engagement and its revolutionary delivery service, Coupang has become one of the world's most disruptive e-commerce companies. With more than 25 million mobile application downloads and the highest number of active users, the company is the leading mobile commerce ("m-commerce") player in Korea. Today, mobile sales account for over 75 percent of the company's revenue and over 85 percent of its total traffic.
Masayoshi Son, Chairman & CEO of SoftBank Corp., said, "SoftBank aims to grow by investing in Internet companies around the world and supporting disruptive entrepreneurs who share a common vision to contribute to people's lives through the Information Revolution. SoftBank looks forward to supporting Coupang as they further revolutionize e-commerce."
Bom Kim, Founder and CEO of Coupang, said, "We welcome SoftBank as a long-term partner and look forward to leveraging their global expertise and vast network to further accelerate our growth. This milestone investment from one of the greatest IT investors in the world provides even more financial strength and flexibility to expand our operations and redefine what a great end-to-end customer online shopping experience is all about."
Nikesh Arora, Vice Chairman of SoftBank Corp., said, "Coupang is one of the fastest-growing and most disruptive Internet companies in the world. Coupang is setting a new standard for how e-commerce can and should be done across the globe with its innovative technologies and approach to same-day delivery, mobile commerce, and customer service. We look forward to working with Bom Kim and his talented team and are excited to support their continued expansion."
Coupang's explosive growth is powered by its cutting-edge delivery service, built on its proprietary technology infrastructure. With unmatched retail selection, the largest end-to-end fulfillment operations in Korea and a home-grown fleet of "Coupang Men" to enable last-mile delivery, its monthly direct retail revenues have more than tripled in the past six months.
About Coupang
Coupang is one of the largest and fastest-growing e-commerce companies in the world. Its innovative technologies and novel approach to mobile commerce and customer service have set a new standard for e-commerce in Korea and beyond. Powered by its proprietary technology infrastructure, Coupang offers the largest end-to-end fulfillment operation in Korea and one of the most revolutionary last-mile delivery services in the world.
Founded in 2010 by Bom Kim, Coupang is based in Seoul with offices in Silicon Valley, Seattle, and Shanghai. In addition to SoftBank, Coupang is backed by Greenoaks Capital Management, Rose Park Advisors, funds managed by BlackRock, Wellington Management Company LLP., Sequoia Capital Global Equities, Sequoia Heritage, Maverick Capital, Altos Ventures and others.
For additional information, please visit: www.coupang.com.
For job opportunities in the U.S. and Korea please visit: coupang-usa.com/index.php/jobs/.
About SoftBank
SoftBank Corp. (TOKYO:9984), through its subsidiaries and associates, offers a comprehensive range of advanced mobile communications, fixed-line communications and Internet services around the world. With Sprint joining in July 2013, the SoftBank Group became a leading global carrier that now has over 100 million subscribers. Maximizing synergies across its Group companies worldwide, SoftBank aspires to realize lifestyle innovation through IT. SoftBank is also encouraging the adoption of clean and safe energy through its business activities. To learn more, please visit http://www.softbank.jp/en/corp/
Coupang Contact:
Marisa Lam
PR for Coupang in US
O: +1.650.232.7188
M: +1.650.544.3350
[email protected]
Helen Jung
PR for Coupang in Korea
O: +82 2 6150 6791
M: +82 10 5273 8613
[email protected]
SoftBank Contact:
SoftBank Corporate Communications in Japan
O: +81.3.6889.2300
[email protected]
Jim Barron / Benjamin Spicehandler in US
O: +1.212.687.8080
Photo - http://photos.prnewswire.com/prnh/20150603/220447
SOURCE Coupang; SoftBank Corp.
Share this article