Japan’s SoftBank Corp. will invest USD1 billion in Korea’s largest online retailer Coupang, the mobile phone carrier said on Wednesday.
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 USD1.5 billion. This funding will fuel Coupang’s innovations in its end-to-end fulfilment service, same-day delivery network and leading mobile applications that will extend Coupang’s leadership in the 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 largest and fastest-growing e-commerce companies in the world. With more than 25 million mobile application downloads and the highest number of active users, the company is the leading mobile 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.
"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," said Masayoshi Son, Chairman & CEO of SoftBank Corp.
Powered by its proprietary technology infrastructure, Coupang offers the largest end-to-end fulfilment operation in Korea. Its monthly direct retail revenues have more than tripled in the past six months.