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S. Korean food delivery app draws 40 bln won from Goldman Sachs
Date
2014.12.01

According to Yonhap News,

(SEOUL=Yonhap News) A South Korean food delivery app said Thursday it has attracted a 40 billion won (US$36.31 million) investment from U.S. financial firm Goldman Sachs as it pushes to expand business overseas.

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"With the investment, we can now strengthen our standing in the industry and put our overseas expansion into full swing," said Kim Bong-jin, the founder of the app "Baedal Minjok," which roughly translates to "Delivery Nation" in English.

Kim's app, available on Android and iOS operating systems, is currently No. 1 in such services with more than 14 million downloads made as of mid-October. First distributed in 2010, the app provides users with services similar to the likes of U.S. counterpart GrubHub Food Delivery & Takeout.

The app has already laid eyes on overseas markets, as it joined hands with Line Corp., the Tokyo-based affiliate of South Korean portal operator Naver Corp., and launched another delivery service called "Line Wow" earlier last month.

yjkim8826@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (November. 27, 2014)

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