South Korea’s Woowa Brothers Corp., the Seoul-based company that smash-hit mobile food delivery service app "Baedal Minjok" is setting out to expand its business scope toward food logistics.
The company said on Monday that it won a $50 million funding from a consortium led by Hillhouse Capital Group, run by China's Hillhouse Capital.
Woowa Brothers plans to invest the funding to expand its business on delievery services especially for fresh foods and prepared foods and hopes to generate its first profit this year after recording transaction worth 1 trillion won last year.
The company said that it will strengthen its direct delivery service system through its offspring service apps - food and drink delivery app “Baemin Riders” and fresh food delivery app “Baemin Fresh”.
Woowa Brothers said "Baemin Riders", launched official services in August 2015, is enjoying a 48-percent monthly growth in its order volume and "Baemin Fresh" is also enjoying 20-percent monthly growth in its order volume.
