Yogiyo Sale DH, 'Baedaltong' Service Termination
[Asia Economy Reporter Minji Lee] Delivery Hero (DH), a German company that put Yogiyo, the second-largest domestic delivery app, up for sale, is also shutting down the service of another delivery app, 'Baedaltong'.
According to industry sources on the 14th, Kang Shin-bong, CEO of DH Korea, announced this plan during an employee meeting on the same day. Baedaltong was the first domestic delivery app launched by the startup Stonykids in 2010 and was acquired by DH in April 2015.
Baedaltong once ranked third in the delivery app market, but it is now known to have low usage rates. The specific service termination date has not been disclosed.
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Meanwhile, DH is reported to have selected four private equity firms as qualified candidates (shortlist) for the sale of Yogiyo: Shinsegae Group's SSG.com, MBK Partners, Affinity Equity Partners, Permira, and Bain Capital. The sale target is 100% of Delivery Hero Korea's shares.
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