South Korea’s Woowa Brothers Corp., a Seoul-based startup that runs a food delivery mobile application (app) “Baedal Minjok” said Monday that it won a $50 million funding from a consortium led by Hillhouse Capital Group, run by billionaire Chinese financier Zhang Lei.
The startup in November 2014 attracted about 40 billion won from Goldman Sachs Group-led investor group.
The company hopes to generate its first profit this year after recording transaction worth 1 trillion won last year. Its offspring service apps - food and drink delivery app “Baemin Riders” and fresh food delivery app “Baemin Fresh” also have been faring well. The company is also preparing to launch pre-made food delivery service Baemin Cook with the new capital injection as well as bolstering staff and food-related technology.
By Seo Jin-woo
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