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November 21, 2018updated 22 Nov 2018 11:01am

Korean online retailer Coupang to receive $2bn funding from SoftBank

Korean online retailer Coupang is set to receive $2bn in new funding from SoftBank Vision Fund to make investments in consumer-first technology innovations.

Korean online retailer Coupang is set to receive $2bn in new funding from SoftBank Vision Fund to make investments in consumer-first technology innovations.

The investment follows a $1bn initial funding received by the retailer from SoftBank Group in June 2015.

SoftBank Investment Advisers partner Lydia Jett said: “Coupang seeks to have a revolutionary technology platform and uncompromising focus on customer delight.

“We believe the company is well-positioned to lead the Korean e-commerce market, with significant platform opportunities ahead given its data, payments and logistics advantage.”

“Coupang seeks to have a revolutionary technology platform and uncompromising focus on customer delight.”

Established in 2010, Coupang currently offers more than 120 million products, including four million retail items to customers.

The company offers one-day delivery through its Rocket delivery service and is expected to generate $5bn revenues this year.

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Coupang CEO Bom Kim said: “We are confident this investment will allow us to leverage the platforms we have created in logistics, payments, and data to make e-commerce and other innovations even more indispensable to our customers.”

The online retailer currently operates offices in Beijing, Los Angeles, Seattle, Seoul, Shanghai, and Silicon Valley.

It also offers payment services through RocketPay allowing customers to make one-touch purchases.

Other services offered by the retailer include Dawn Delivery and Rocket Fresh. Dawn Delivery allows customers to place orders during the night and receive them in the morning while Rocket Fresh delivers perishable and organic items to consumers.