SoftBank tips $1b into Coupang

Retail Tech Innovation editors
11 Jun 2015
00:00
News
Daily News

Korean e-commerce player Coupang is getting a $1 billion investment from SoftBank.

This investment is expected to fund the retailer’s innovations in its end-to-end fulfillment service, same-day delivery network and mobile applications.

Coupang said it will also expand its R&D offices in Silicon Valley, Seattle, Shanghai and Seoul.

Masayoshi Son, Chairman & CEO of SoftBank Corp, said the company is investing in internet companies around the world and supporting disruptive entrepreneurs who share the company’s vision and looks forward to supporting Coupang as they further revolutionize e-commerce.

With more than 25 million mobile application downloads and the highest number of active users, Coupang leads the mobile commerce space in Korea. It said mobile sales account for over 75% of the company's revenue today and over 85% of its total traffic.

Founded in 2010 by Bom Kim, Coupang is based in Seoul with offices in Silicon Valley, Seattle, and Shanghai.

“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,” Kim said.

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