Softbank Infuses $1B in Korean eCommerce Company Coupang

Image Source: BusinessKorea

Image Source: BusinessKorea

Korean eCommerce platform Coupang which was founded in 2010 by Bom Kim, has raised $1 billion from SoftBank, bringing the total capital of the firm raised to date is $1.4 billion. In 2014, the firm had received $400 million in two funding rounds from US private fund BlackRock and Sequoia among others.

The company offers a curated selection of merchandise including fashion apparel/accessories, baby goods, beauty products, consumables, home goods, books and toys, electronics, and tickets for travel and cultural events.

Recently, the firm was also in news for its legal battle with its rival WeMakePrice, demanded $9.54 million in compensation for its negative advertising. In 2014, the company reported a massive $110 million operating loss due to $136 million spent on building a a massive facility in Incheon, purchasing nearly 1,000 delivery trucks and hiring around 5,000 delivery staff, known as ‘Coupang Man’.

Few days back, Softbank has invested $100 million series C funding in California-based social data company Banjo, alongside BlueRun Ventures. Prior to that, the firm has made investment in Japanese eCommerce startup Origami, Chinese taxi app Travice, Malasiya-headquartered taxi app, Grab Taxi, and in India-based firms –, OlaCabs and Snapdeal.