SoftBank Japan has announced that it will invest $1 billion in Coupang, the largest and fastest growing standalone e-commerce player in Korea, raising its total funds to-date to nearly $1.5 billion. This funding will fuel Coupang’s innovations in its end-to-end fulfillment service, same-day delivery network and leading mobile applications that will extend Coupang’s leadership in the future. Coupang will also expand its R&D offices in Silicon Valley, Seattle, Shanghai and Seoul.
According to Softbank, with more than 25 million mobile application downloads and the highest number of active users, Coupang is the leading mobile commerce player in Korea. The company's mobile sales account for over 75 percent of the company's revenue and over 85 percent of its total traffic.
Masayoshi Son, Chairman & CEO of SoftBank Corp
SoftBank aims to grow by investing in Internet companies around the world and supporting disruptive entrepreneurs who share a common vision to contribute to people's lives through the Information Revolution. SoftBank looks forward to supporting Coupang as they further revolutionize e-commerce.
Bom Kim, Founder and CEO of Coupang
We welcome SoftBank as a long-term partner and look forward to leveraging their global expertise and vast network to further accelerate our growth. This milestone investment from one of the greatest IT investors in the world provides even more financial strength and flexibility to expand our operations and redefine what a great end-to-end customer online shopping experience is all about.