S Korea’s Woowa Brothers acquires food delivery startup Vietnammm

South Korea’s new unicorn, Woowa Brothers, has acquired Vietnamese food delivery company Vietnammm, according to MK News.

Vietnammm was the entity that acquired Foodpanda’s Vietnam operations in 2015 when a lot of other Rocket Internet ventures exited the country.

Vietnammm, in which Netherlands’ Takeaway.com had invested, is one of the first food delivery companies to start operations in Vietnam. Another first-mover is Diadiemanuong.com. However, the local market has been dominated by newer entrants, Now by Foody and GrabFood.

The potential of this segment remains strong for more startups to grow, according a recent study on food delivery by local research firm GCOMM. About 99 per cent of respondents to its survey said they used online food delivery services at least three times a month.

The six most popular apps in Vietnam are GrabFood, Now, GoFood, LaLa, Vietnammm and Lixi, according to the study.

Woowa Brothers is said to be eyeing the Vietnamese market since last year. The South Korean company, specialising in developing apps and advertising platforms, raised its $320 million Series G funding in December 2018, which valued the company at 3 trillion won. Investors of the round included Hillhouse Capital, Sequoia Capital and Singapore sovereign fund GIC.

Woowa Brothers operates food delivery platform Baedal Minjok in Korea, which was backed by Goldman Sachs.

The company has been investing in artificial intelligence and autonomous driving technology to develop delivery robot, according to Korean media.

It is expected to kick off Vietnamese operation in the first half of 2019. It is unclear whether Vietnammm will be rebranded and how Woowa Brothers will take over the business. An email sent to Vietnammm has not elicited a response at the time of publishing this article.

Also read:

After shutting shop, Foodpanda’s Vietnam arm finds buyer in local rival Vietnammm

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.