Oasis’ acquisition of 11Street will be a game-changer for the Korean e-commerce industry as the grocery delivery platform will expand to international shopping and delivery services with a broader range of products.KEY PLAYER IN GLOBAL NO.5 MARKETKorea was the world's No.5 e-commerce market with 228.9 trillion won last year, following the global top China, the US, the UK and Japan, according to business lobby group The Federation of Korean Industries (FKI) report in June.11Street was the third-largest e-commerce platform in Korea in May by the number of monthly active users (MAUs).Coupang Inc.topped and China’s AliExpress and Temu ranked second and fourth, respectively.
South Korean grocery delivery platform Oasis Corp.is poised to acquire the country’s leading e-commerce operator 11Street Co.to ramp up its business amid rapid growth of Chinese players such as AliExpress and Temu in Korea, the world’s fifth-largest online shopping market.
Oasis, which dropped its initial public offering plan last year amid investors’ tepid interest in online shopping apps, is forecast to be valued at 1.5 trillion won ($1.1 billion) via IPO.11Street, an affiliate of Korea’s No.2 conglomerate SK Group, is valued at more than 500 billion won.
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