A deal between Vietnam-based price comparison platform Websosanh and Yello Shopping Media (YSM), a unit of Korea’s mobile service group Yello Mobile, that was signed last month, was recently implemented through a share swap, the Korean company announced on Thursday.
DEALSTREETASIA had reported last month that Websosanh had joined the YSM network through a deal on June 22. A communications official from Yello Mobile then confirmed the “joining”.
On Thursday, the source added further that “any company that joins YSM will be guaranteed its independence in operating business.”
YSM sees Websosanh, which was launched in December 2013, as one of the top price comparison sites in Vietnam, recently having reached three million monthly visits.
Websosanh.vn holds an information database of more than six million products, and aims to service its users with quality shopping contents at affordable prices.
“I believe YSM is one of the fastest growing players in Asia’s e-commerce landscape. Joining YSM means a lot for Websosanh. We are not alone anymore in our battle to tackle e-commerce problems in Vietnam,” commented Vu Quang Trung, Websosanh’s co-founder and CEO.
“I would spare no effort on Websosanh’s growth to become the top price comparison website in Vietnam”, responded YSM group’s CEO Sungwoo Choi. “The deal will become a milestone for both groups. We will cooperate to foster an active mobile shopping environment in Southeast Asia, where e-commerce is still in its early stages”.
Dzung Nguyen, CyberAgent Ventures’ head of Vietnam and Thailand, is the supposed connector of the two companies in this deal. While there was no official announcement regarding the Japanese venture capital firm’s investment in Websosanh, the fund does have undisclosed investments in some Vietnam-based startups.
YSM group has also partnered with the largest Indonesian-based price comparison site PriceArea.com last September.
In Korea, YSM group operates COOCHA, the one-stop mobile shopping service which aggregates the hottest deals offered by various online retailers.
Meanwhile, Yello Digital Marketing, another unit of Yello Mobile, has recently purchased stakes in several marketing platforms across Southeast Asia, including Indonesia’s Adplus, Vietnam’s CleverAds and Thailand’s Adyim.