SoftBank Corp.("SoftBank") and Coupang announced a definitive agreement under which a subsidiary of SoftBank will invest $1 billion in Coupang, the largest and fastest growing standalone e-commerce player in Korea.
Driven by an unprecedented level of mobile engagement and its revolutionary delivery service, Coupang has become one of the world's most disruptive e-commerce companies. With more than 25 million mobile application downloads and the highest number of active users, the company is the leading mobile commerce("m-commerce") player in Korea. Today, mobile sales account for over 75 percent of the company's revenue and over 85 percent of its total traffic.
Masayoshi Son said, "SoftBank looks forward to supporting Coupang as they further revolutionize e-commerce."
Kim Bom-seok, Founder and CEO of Coupang, said, "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."
Nikesh Arora, Vice Chairman of SoftBank Corp., said, "Coupang is one of the fastest-growing and most disruptive Internet companies in the world. Coupaneg is setting a new standard for how e-commerce can and should be done across the globe with its innovative technologies and approach to same-day delivery, mobile commerce, and customer service."
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