Local news media JoongAng Daily has reported that Coupang, one of Korea’s leading social commerce firms, announced at a press conference on August 18 that it aspires to list on NASDAQ by 2013 in order to raise capital for overseas expansion. The announcement was made on the company’s one year anniversary of provision of its daily deal service.
Despite facing heated competition within Korea’s fast-growing social commerce industry, Coupang has achieved tremendous growth within its first year of establishment. It has accumulated transaction volume of 105 billion won ($98 million) and has more than 5 million registered users. Additionally, according to Wall Street Journal, Coupang has raised about $27 million from U.S. venture capitalists. As reported earlier, $18 million of this funding came from firms such as Maverick Capital and Altos Ventures.
Coupang’s CEO Bom Kim explained at the press conference that the company is aiming to get listed on the tech-heavy NASDAQ in order to gain continuous investment and “roots for capital strength.”
Kim also stated that he is confident that the company “will attain 300 billion won in accumulated transaction volume for 2011,” since “cash reserves are increasing and the company has healthy growth.”