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DoorDash may take over South Korea’s Yogiyo
DoorDash, an American food delivery service company, has been tapped to take over Yogiyo. The company is one of the candidates that are favorably seen as eligible to acquire the South Korean food delivery business.
As per the Korea Times, Yogiyo has an estimated value of more or less KRW2 trillion. It was reported that this number is quite high for either small or medium-sized private equity securities, so it is looking for a bigger company that can handle the business.
Possible entrance to the Korean market
DoorDash has been operating since 2012, and with its background and capabilities, it is being considered as a company that can acquire Yogiyo. In case the American company obtains Yogiyo, it will eventually enter the Korean market where food delivery has become a way of life.
"DoorDash and several other strategic investors such as Just Eat, Takeaway.com, and Meituan, will have a chance to enter the Korean market with the cash and investments generated from other parts of the world they're operating in," an insider stated. "American firms especially have enough money to do so."
Based on the opinions, DoorDash finds the Korean market to be very attractive as it offers unlimited opportunities. This is because South Korea is the seventh-largest single market among the member countries of the Organisation for Economic Cooperation and Development or OECD. The main reason for the high ranking is the country’s excellent buying power and IT
"Considering the symbolic characteristics and size of the Korean market, Yogiyo is definitely an attractive player for international investors," the insider added.
Other candidates that may take over Yogiyo
Yogiyo provides fast and hassle-free food delivery service to its customers in South Korea. Consumers place order requests through its app that once awarded as Google Play’s Best App in 2013. Now another company is expected to take over and operate the business.
With that said, joining DoorDash, Just Eat, Takeaway.com, and Meituan as candidates to be its investor is another South Korean company Coupang. It was said that if Coupang acquires Yogiyo, it will surely rise up and become the country’s second-best in the domestic food delivery service market. Meanwhile, major shareholders of Yogiyo are expected to convene to decide which company is best to be Yogiyo’s main investor.