The owner of Baedal Minjok, a Seoul-based food delivery service in South Korea, Woowa Brothers recently took over the Vietnamese-based food delivery app Vietnammm in its attempt to expand into the foreign markets. Funded by Takeaway.com (a prominent food delivery market aiming to connect consumers and restaurants) in 2013, Vietnammm was one of the first to start food delivery operations in Vietnam. It took over the Food Panda’s Vietnam operations allowing more than 1K restaurants to continue their work on the online orders.
To grow its business in the Vietnamese food service market, Woowa Brothers have been planning this acquisition since last year. There is uncertainty regarding rebranding and conclusion of the former business but the services are believed to start in the first half of this year.
Along with investing in AI, autonomous driving technology, marketing platforms and developing applications, Woowa Brothers joined the ‘Unicorn’ Club after it raised additional investments of USD 320 Million from sponsors involving Singapore’s foreign reserves-GIC, U.S.-based Sequoia Capita, Hillhouse Capital etc. from around the globe during December 2018. The raised capital increased the company’s valuation to more than USD 2.5 Billion.