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Food delivery app, Baedal Minjeok by Woowa Brothers acquired by a German giant

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Baedal Minjeok is a South Korean food delivery app managed by Woowa Brothers. It has been the leading food delivery app in Korea with the highest app and web traffic. According to Incross, a local data analysis firm, in April, there were 6.39 million visitors on both platforms. Within the last month, the company reported around 36 million food-delivery orders in South Korea.

Ordering food delivery from anywhere, be it home, office, or even from public places, during any time of the day, is a big part of food culture in Korea.

Woowa Brothers Corp.

Woowa Brothers Corp. was founded in 2010 by Kim Bong-jin to create useful apps. It joined the ‘unicorn’ billionaire club in early 2019. The Korean startup Woowa Brothers’ app is quite similar to GrubHub in the US and FoodPanda in Singapore.

Baedal Minjeok (배달의 민족)

The name translates to ‘the nation of delivery.’ Baedal Minjeok is one of the first delivery services in Korea that connected customers and restaurants. It has become equivalent to the symbol representing Korean food culture.

Like most food delivery apps, users can browse a list of local restaurant menus, and they can pick whatever they want using the app. After placing the order, the Baedal Minjeok team will place an order on the user’s behalf, pick up the food, and deliver it to their doorstep. With the streamlined payment portal, you can use different payment methods like Naver Pay, Baemin Pay, and credit cards.

It delivers food from restaurants that do not generally deliver food. This service is available in all areas of Seoul, Gyeonggi, and parts of the metropolitan city. As of September 2019, Woowa’s platform includes approximately 111 thousand ad-paying restaurants for delivery. Along with food delivery from Seoul restaurants, it also delivers your grocery items from stores in some parts of Seoul and metropolitan areas.

The exciting news about this app is that it is acquired by a German food-delivery company, Delivery Hero, for $4 billion. The German giant will acquire an 87% stake and 13% will be retained by Woowa Brothers’ senior management.

Both the companies will also create a joint venture to capture the booming food delivery market in other Asian countries. The venture is named as Woowa DH Asia. Kim Bong-jin will be in charge of managing the Asian market for food delivery service.

Delivery Hero

Delivery Hero is one of the leading global food delivery services with headquarters in Berlin, Germany. It has been working on expanding its presence throughout Asia. The company maintains the number one competitive market position, in terms of restaurants, active users and orders, and online and mobile platforms, across 34 out of 41 countries in Europe, the Middle East & North Africa, Latin America, and Asia-Pacific. It provides services in 400 cities globally. It operates the food delivery app Yogiyo in Korea.

Woowa DH Asia

This joint venture will operate in 11 Asian countries. It will target to compete with other delivery services like Grab, UberEats, and Gojek. Post-acquisition, the Baedal Minjeok app will continue working in Korea, and it will run in parallel with Yogiyo.

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About Jinju Jeon

Senior Writer @KoreaProductPost

View all posts by Jinju Jeon →

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