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Woowa Brothers reported 2020 sales of 1.1 trillion won, up 94.4 percent from the previous year, driven by a sharp increase in online orders amid the pandemic.
However, Woowa Brothers, the operator of South Korea’s top food delivery app Baedal Minjok or Baemin, posted an operating loss of 11.2 billion won due to higher marketing and promotional costs. The shortfall was narrowed by 69.2 percent from 2019.
Baemin is South Korea’s largest food delivery service firm with a 63.2 percent market share, trailed by Yogiyo at 29 percent and Coupang Eats at 6.3 percent. Industry watchers expect competition among food delivery services to heat up this year.
According to the Korea Fair Trade Commission, the domestic food delivery market reached 23 trillion won in 2020, up 53 percent from 15 trillion won two years earlier.
Woowa recently announced a collaboration with Hyundai Motor Co. to develop delivery robots that could travel through various building structures and be equipped with a payment service.
The company aims to enter the Southeast Asian market this year. It is in the process of selling a controlling stake in Baemin to Germany’s Delivery Hero SE.
Woowa founder and Chief Executive Kim Bong-jin launched the Baemin service in 2010 with 30 million won in capital.
