By Selina Wang Updated on
- The deal is said to push Coupang’s valuation to $9 billion.
- Coupang expects nearly $5 billion in revenue by year-end
Coupang, founded in 2010, is Korea’s largest online retailer, selling more than 120 million items from consumer electronics to food. The Seoul-based company says that half of Korea’s population has downloaded its mobile app.
The deal marks another enormous bet on e-commerce for SoftBank founder Masayoshi Son, who made a fortune backing Alibaba Group Holding Ltd. before it turned into China’s dominant provider. SoftBank put an initial $1 billion investment into Coupang in 2015, valuing it at $5 billion, according to people familiar with the matter. The valuation in the current deal is $9 billion post-money, or after the additional capital is included, the people said.
“Masa is a visionary leader. He’s always challenged us to think big,” said Bom Kim, founder and chief executive officer. “This round came from understanding that what we’ve built is now the foundation for immense impact on customers.”