Kim Bong-jin, spearheading the global delivery war… Making a’second Baemin’

[이데일리 김보경 기자] Kim Bong-jin, the founder of the elegant brothers of the Baemin (Baemin) operating company, who recently revealed his will to return more than half of his personal wealth to society, is leaving for Singapore at the end of this month. It is noteworthy whether Chairman Kim, who became the board of directors and executive director of Delivery Hero (DH) in Germany, which took over the elegant brothers, will be able to nurture a’second Baemin’ in the rapidly growing Asian global food dealership market.

Bongjin Kim Chairman of the Elegant Brothers. (Photo = Elegant Brothers)

According to the Graceful Brothers on the 21st, Wha DH Asia is a joint venture established in Singapore by investing 50-50 shares between DH and Graceful Brothers, based in Singapore. Chairman Kim plans to oversee projects in 15 countries including Taiwan, Laos, Malaysia, Bangladesh, Singapore, Thailand, Pakistan, the Philippines and Hong Kong.

In the global food delivery industry, the Asian market is a blue ocean with very high growth potential. First of all, Asia’s population is about 4.6 billion people, accounting for 58% of the world’s population. As such, the growth potential of the food industry is endless. The region also has a high economic growth rate, so new industries can grow rapidly. Food delivery-related infrastructure is well established, such as a high motorcycle penetration rate and a developing culture of eating out due to the hot weather. In fact, as global powers are advancing one after another, Asia is emerging as a battlefield in the food delivery industry.

In the global sales of DH, the Asian region is large enough to account for about 37%. In order to target the market more effectively while already in Asia, DH looked for a professional manager who could entrust the whole business with an excellent understanding of Asian regional culture as an Asian. That was Chairman Kim, and that’s why industry insiders analyzed that he took over Baemin even while accepting the condition of selling’Yogiyo’.

Wooa DH Asia plans to expand its business to’Quick Commerce’, a service that delivers food, shared kitchens, and instant delivery of daily necessities based on the successful delivery model.

[이데일리 문승용 기자]

Meanwhile, according to UBS, the global food delivery market is estimated to reach 360 billion dollars (about 408 trillion won) in 2030. As the market grew rapidly, the market dynamics also increased. Mergers and acquisitions (M&As) between companies are actively taking place, and behind this, there is a flow of capital divided into Naspers and Softbank. The world’s fourth-largest DH and India’s No. 1 Swweezer are invested by Naspers, the world’s No. 1 Uberit and Southeast Asia’s No. 1 Grab, and the United States No. 1 Door Dash are funded by Softbank. An industry insider explained that “Naspers and Softbank, which dominate the food dealership market, are in the midst of a war without gunshots to dominate the delivery market in Asia, the United States, Europe, and South America.”