German Delivery Hero (DH) agreed to sell the second-ranked Yogiyo in order to take over the No. 1 delivery app in Korea,’Delivery of People’ in response to the Fair Trade Commission’s request. On the afternoon of the 29th, an advertisement for the ethnic Yogiyo of delivery was posted side by side at a restaurant in downtown Seoul. yunhap news
Who will be Yogiyo’s new owner? The market’s attention is focused on the direction of Yogiyo, which German company Delivery Hero (DH) puts on the market in exchange for the graceful brothers who are the operators of the people of delivery (hereinafter referred to as Baemin). Yogiyo, the second largest delivery app company in Korea after Baemin, is estimated to have a corporate value of about 2 trillion won, which is almost half of Baemin (DH acquisition amount of 4.75 trillion won).
According to Nielsen KoreaClick, a market research organization, the share of delivery app makers based on users in September was 59.7% of delivery people and 30.0% Yogiyo. The number of monthly users (MAU) of the delivery app (based on Android OS) surveyed by Mobile Index in August was 10.66 million Baemin and 5.31 million Yogiyo, which is about 2 to 1, similar to the market share. There is also an opinion that the value of Yogiyo may be greater in that the explosive growth caused by this year’s novel coronavirus infection (Corona 19) was not reflected only when DH signed a contract with Bae Min.
“Random is about 2 trillion” Yogi… It seems to be fierce
On the afternoon of the 29th, an advertisement for the ethnic Yogiyo of delivery was posted side by side at a restaurant in downtown Seoul. yunhap news
In Korea, Naver, Kakao, and Coupang are mentioned as companies that will acquire Yogiyo. There is a possibility that large distribution companies such as Shinsegae, Lotte, and Hyundai Department Store will launch. Global companies such as China’s delivery nation Mei Tuan, Southeast Asian super app Grab, and Uber, which are recently aggressive in food delivery, are also considered candidates for acquisition.
Naver is the largest shareholder of the No. 1 delivery agency (Saenggak-daero) and No. 3 (Vureung). It also owns 4.7% of the elegant brothers. Currently, it has signed a non-competition contract not to enter the delivery app market directly, but if Naver sells all of its stocks, this provision is likely to become invalid. It means that Naver can enter the delivery market as long as it is determined. Line, a subsidiary, also operates a delivery app (Demaekan), the number one franchisee in Japan, and online food-related services throughout Asia, including Thai Lineman (delivery) and Wongnai (review), and Taiwan Linespot (packaging order). Is expanding.
Kakao has contact with local restaurants through’Order’ and’Channel Talk’, but its market share is 1%. If Kakao acquires Yogiyo, it is evaluated that the platform’s status will be further enhanced. Hyun-yong Kim, an analyst at Hyundai Motor Securities, said, “If Kakao acquires Yogiyo through KakaoTalk linkage, it is expected to close the gap with No. 1 (Baemin) most quickly.” It will be big”.
Coupang is also one of the leading candidates. The synergy between Coupang Itz and Yogiyo, a delivery app currently growing rapidly, is expected to be significant. Softbank, Coupang’s largest shareholder, invested in Door Dash, a delivery app in the United States, and recently gained huge profits from the company’s listing.
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On the 29th, Baemin and Yogiyo delivery workers are working in the area of Jongno-gu, Seoul. News 1
The domestic delivery app market is expected to fluctuate depending on who acquires Yogiyo. Overseas, as the delivery market has recently grown rapidly due to Corona 19, etc., M&A is actively taking place, and the ranking of the industry is changing rapidly.
The US market is representative. Grub Hub, which occupied the majority of the delivery app market until 2018, fell to third place this year. Door Dash, who was second at the time, regained first place by taking over its rival Caviar in 2019, and Uber Eats, who was third place, took over 4th place Postmates and rose to second place this year. Doordash was listed on the New York Stock Exchange on the 9th, and the value of SoftBank’s stake in Softbank, which invested 750 billion won in it, rose 17 times as of the first day of listing.
Ik-sung Kim, a professor of business administration at Dongduk Women’s University, said, “Because delivery capacity has emerged as a very important competitive factor in the post-corona era, the transfer of Yogiyo will be more intense.” . “We will try to find a strategic partner by signing a gentleman agreement, such as’don’t touch a specific area’.”
Reporter Chu In-young [email protected]