Coupang announced on Nov. 20 that it will receive 2 billion dollars from SoftBank's Vision Fund. This is an additional investment following the SoftBank Group’s investment of $1 billion in June 2015.
The investment is the largest ever among Korean Internet companies, and Coupang broke its own record again. Based on this investment, Coupang plans to continue its innovation for its customers.
"The huge vision and leadership that CEO Kim Beom-seok has shown has made Coupang a leader of the Korean e-commerce market and one of the world's most innovative Internet companies," said Son Jung-eui, chairman and CEO of SoftBank Group.
Korea's e-commerce market is already ranked as the world's fifth-largest and fastest-growing market. Coupang is Korea's largest e-commerce company, and its sales in 2018 are expected to double to 5 trillion won from two years ago.
Currently, Coupang sells 120 million sorts of products, four million of which can be received on the next day through rocket delivery. The cumulative amount of rocket shipments this September exceeded 1 billion. There are millions of customers buying more than 50 times a year in Coupang, and one in two Koreans has installed Coupang's mobile app.
"Coupang has been constantly trying to innovate in technologies that can make customers' lives dramatically easier. Our partnership with SoftBank will revolutionize data, logistics and payment platforms," said CEO Kim Beom-seok.
