SoftBank Group reveals plans to bring Coupang services to Japan
Category: #retail  By Pankaj Singh  Date: 2021-03-30
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SoftBank Group reveals plans to bring Coupang services to Japan

SoftBank Group’s Chief Executive Officer, Masayoshi Son, has recently announced plans to bring the services of Coupang, a South Korean e-Commerce firm, to Japan.

Earlier in March 2021, SoftBank-backed Coupang had secured investment of nearly $4.6 billion in the initial public offering, following the launch of its ‘Rocket Delivery’ service, which promises delivery in 24 hours. Mr. Son has reportedly cited that the company is currently in talks with Yahoo Japan to bring Coupang services in Japan.

Over the past years, SoftBank has been focusing on foreign technology imports to Japan, including the launch of the Yahoo Japan web portal and the rapid expansion of PayPay payments app. This app adopts innovative technology from Paytm, a SoftBank Vision Fund portfolio company.

As per the statement made by SoftBank, Son’s comments refer to the company’s consideration of providing similar services to Coupang, not to its launch in the country. A spokesperson for Z Holdings (parent company of Yahoo Japan internet business) has also revealed that the company has not actively considered the introduction of such services. In order to provide a gateway to the Japanese markets, SoftBank’s Vision Fund is open to potential investments.

In March 2020, Z Holdings has completed its merger with Line, a chat app operator. The two companies, along with their parent companies, SoftBank and NAVER, have carried out various transactions to ensure business integration. They have significantly concluded the Memorandum of Understanding, Definitive Agreement, and Business Alliance Memorandum of Understanding on the business integration in November 2019, December 2019, and August 2020 respectively. Additionally, Z Holdings operates PayPal Mall, a shopping site, in a bid to expand in the e-Commerce sector and gain a competitive edge over Rakuten and Amazon.

At Coupang’s New York debut earlier in March 2021, the company emphasized a recovery in rising valuations at $100 billion in Vision Fund, following a series of high-profile stumbles. SoftBank is holding a 37% stake in the South Korean e-Commerce company, which has a market capitalization of $79 billion.

Source credit:

https://www.reuters.com/article/us-softbank-group-coupang/softbanks-son-considers-bringing-coupang-services-to-japan-idUSKBN2BL1VA



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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