The largest electronic commerce company in South Korea Coupang Corp. is launching IPO (Initial Public Offering) in 2021. The company has declined to provide any comments on the news, but those familiar with the matter state that the information is accurate.
It is notable that some consider Coupang as an unprofitable company. However, it attracts investors and expands its services. It is also seen as a strong rival by South Korea’s biggest food delivery app Woowa Brothers Corp. that sold an 87% stake to Delivery Hero SE in 2019.
Coupang Corp. and Its Activity
Coupang is one of the fastest-growing consumer internet companies in the world. Founded by Bom Kim in 2010, Coupang operates as an online retail platform through which it sells a range of products. The company has its own delivery and distribution infrastructure, including warehouses, distribution centers, and fulfillment centers. Based in Seoul, Coupang also has offices in Beijing, Shanghai, Los Angeles, Mountain View, New York, and Seattle.
According to MIT Technology Review, Coupang is one of the “50 Smartest Companies in the World”. Besides, it is included in the Forbes list of “30 Global Game Changers”.
The company has got numerous investments from SoftBank. In November 2018, Coupang received $2 billion from the SoftBank-owned Vision Fund. As a result of the investment, the valuation of Coupang jumped to $9 billion. Moreover, over the last year, its sales increased by over 60%. The news that Coupang is launching IPO may further improve its position on the e-commerce market.