Syamil Faisal17 Dec, 2019
The Berlin-based Delivery Hero offered $4 billion to the South Korean startup, Woowa — known for its food delivery app, Baemin.
As Delivery Hero owns Yogiyo, Baemin's rival, it has to undergo an antitrust review before sealing the deal with Woowa.
With Baemin under its belt, Delivery hero can enter into South Korea's $5.9 billion market — bigger than both German and Japan market combined.
Started in 2014 as an app platform for chicken delivery, today Baemin takes orders online from restaurants across Korea for delivery.
“The Korean food delivery market is still in the very early stages of development, and offers vast opportunities to grow the customer base and expand into adjacent on-demand services,” Woowa founder and chief executive Bongjin Kim said.