SoftBank invests $2 billion into Korean e-commerce giant Coupang
SoftBank will invest $2 billion into South Korean e-commerce giant Coupang, the companies announced.
This follows the Japanese tech giant's earlier $1 billion investment in 2015 into Coupang, which is known for its online shopping mall and quick delivery system.
Coupang has aggressively expanded its business since then and analysts expect the firm to gain 5 trillion won in revenue this year, nearly double compared to two years ago.
The company sells over 120 million products and 4 million of them can be delivered within a day through a service called Rocket Delivery. The company has added logistics and payment to its portfolio.
But the firm has marked heavy profit losses during the expansion period.
SoftBank's $2 billion, coming from its Vision Fund, is much-needed relief that will allow Coupang to expand these services further.
Earlier this month, the Japanese tech giant said it has $91.7 billion committed to the Fund, which has Saudi Arabia's sovereign fund as one of its biggest investors.
Last year in November, SoftBank invested $1 billion into Uber during the managerial shake-up of the latter.
The firm's venture capital arm in South Korea, SoftBank Ventures Korea, is also an active investor in the country. In April, it invested $4.2 million into local used goods trading app Daangn Market.
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