Naver Invests 40 Billion KRW in Delivery Agency 'Saenggakdaero'

[Asia Economy Reporter Bu Aeri] Naver is investing 40 billion KRW in the delivery agency 'Saenggakdaero'.

Naver announced on the 10th that it will invest a total of 40 billion KRW in Inseong Data, the parent company of 'Saenggakdaero', securing a 10.3% stake.

The structure involves acquiring convertible preferred shares (CPS) issued by Inseong Data for 10 billion KRW and purchasing some existing shares from current shareholders for 30 billion KRW. The corporate value of Inseong Data in this investment is reported to be around 390 billion KRW.

This is not Naver's first investment in delivery transportation companies. In 2017, it invested a total of 59 billion KRW, including 35 billion KRW in Woowa Brothers, the operator of Baedal Minjok, and 24 billion KRW in Mesh Korea, which operates the delivery agency service 'Boorung'. Last month, Naver secured a 7.85% stake (300 billion KRW) in CJ Logistics through a stock swap with CJ Group.

Naver, which is strengthening its online shopping business, has been criticized for lacking its own logistics and delivery network. Going forward, Naver is expected to secure not only CJ Logistics' nationwide parcel distribution network but also Saenggakdaero's short-term delivery connection network and distribution data.

A Naver official explained, "This is not about entering the delivery agency service but rather to help small and medium-sized merchants establish a foundation."

This content was produced with the assistance of AI translation services.