Qoo10 Acquires Interpark Commerce to Strengthen Presence in South Korean Market

Singapore-based eCommerce platform Qoo10 announced on Friday that it would acquire all of the shares of Interpark Commerce Corp. previously owned by Softbank-backed Yanolja Co.

The acquisition, valued at approximately KRW 150 billion ($115 million), aims to strengthen Qoo10’s presence in the South Korean market.

Interpark Commerce, a spin-off of Interpark Corp, focuses on mobile shopping and online book sales.

Last year, Yanolja acquired a 70% stake in Interpark for KRW 294 billion but recently spun off its mobile shopping and online book businesses into Interpark Commerce to streamline operations.

With the acquisition, Qoo10 will secure the rights to operate Interpark’s mobile shopping platform and online bookstore.

Either company did not disclose the financial terms of the transaction.

In addition to the Interpark acquisition, Qoo10 is reportedly in talks to acquire the South Korean social commerce platform Wemakeprice Inc.

This is part of Qoo10’s ongoing efforts to expand its business in South Korea following its acquisition of TMON Inc. last year.

Founded by eBay and GMarket founder Young Bae Ku, Qoo10 operates localized marketplaces in five Southeast Asian countries, including Indonesia, China, Hong Kong, and Malaysia.

Its subsidiary, Qxpress, reported revenues of approximately KRW 150 billion in 2020.

The company is currently pushing for an IPO on the Nasdaq Composite, which is under review by the U.S. Securities and Exchange Commission.

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