(Photo provided by Timon)
Time Commerce T-Mon has successfully completed the listed allotment investment and took the first step to publicize the company within this year. Foreign investment companies also participated in Tmon’s capital increase, proving Tmon’s competitiveness and growth potential, as well as the high appreciation and interest of foreign capital in the rapidly growing domestic e-commerce industry.
Timon announced on the 19th that it has completed a paid-in capital increase of 30.5 billion won through the listed battery division investment, which has been promoted since the second half of last year. The PSA Consortium secured an investment of 255 billion won through domestic institutions and foreign capital attraction, and the existing largest shareholders, Coleberg Kravis Roberts (KKR) and Anchor Equity Partners, also contributed 50 billion won.
Investors participated in the capital increase by acquiring exchangeable bonds (EBs). Exchange bonds are recognized as capital, which greatly improves Timon’s financial structure. Tmon plans to initiate an IPO in earnest with Mirae Asset Daewoo, the host company, as the investment attraction is successfully completed.
Tmon said that the PSA consortium, foreign investors and shareholders highly evaluated Tmon’s competitiveness and growth potential and participated in the investment. In fact, as Tmon launched’Time Commerce’, which offers special products in seconds and minutes, the number of new subscribers increased by 47.8% compared to the previous year, and the number of subscriptions among teenagers, one of the future growth engines, has nearly tripled.
Tmon’s premium membership’SuperSave’ members increased five times and 5.5 times the same period last year in the third quarter, and their purchase amount per case also increased more than three times.
Service competitiveness is also excellent. Time commerce-related searches increased by more than four times compared to the previous year. The fact that the name of the store, not a specific product, is ranked at the top of the search term is interpreted as a proof that Tmon secured value through the platform.
The’Give a Gift’ service tripled in the number of customers in one year, and the number of purchases and purchase amount also increased by 63% and 215%, respectively. Tmon’s first live commerce service in Korea, aka’Labang’ service,’TVON’, which was introduced by Tmon in 2017, is expanding its scope by proceeding from the launch of electric car to sales of officetel sales for the first time in Korea.
Lee Jin-won, CEO of Timon said, “We were able to successfully complete investment attraction in recognition of Timon’s competitiveness and future growth potential. It will be an opportunity to clear up capital deficits and to materialize for a successful IPO in the second half.”