Oasis Market and Mesh Korea Join Hands... Quick Commerce Joint Venture 'V' Established

Oasis Market has partnered with Mesh Korea's Vroong to establish a quick commerce comprehensive service company, "V Corporation" (Photo by Oasis Market).

[Asia Economy Reporter Yuri Kim] Dawn delivery company Oasis Market and Mesh Korea, which operates the IT logistics brand Vroong, have joined forces to officially enter the quick commerce business.

On the 15th, Oasis Market announced that it will establish a comprehensive quick commerce service company called 'V Co., Ltd.' with Mesh Korea. Rather than a simple business collaboration, they plan to maximize synergy by establishing a joint venture (JV). Oasis Market stated, "This is the first case in Korea where two companies on the verge of becoming unicorns each invest equity to create a joint company."

The newly launched comprehensive quick commerce service company 'V' will build a new B2C platform in the second half of this year that combines dawn delivery service with real-time quick commerce. In addition to food and beverage delivery and grocery orders, they plan to expand the range of fast delivery product categories to include clothing, books, and pet products, and also expand the service area nationwide within a short period.

The two companies plan to integrate nationwide online and offline logistics infrastructure, product sourcing competitiveness, and real-time distribution logistics operation capabilities based on big data and artificial intelligence (AI). Their goal is to lead the e-commerce market, which is expected to grow to a scale of 200 trillion won next year, centered on dawn delivery and quick commerce.

The joint venture will be managed by co-CEOs Youngjun Kim of Oasis Market and Jungbeom Yoo of Mesh Korea. The joint venture's capital is 5 billion won, with Oasis Market holding 50% plus one share and Mesh Korea holding 50% minus one share. Both companies plan to conduct joint management through thorough mutual consultation.

Youngjun Kim, Chairman of Oasis Market, emphasized, "We established a joint venture with Mesh Korea, an IT logistics specialist company, to implement differentiated quick commerce services," adding, "We plan to grow into a comprehensive quick commerce company that delivers all products quickly, not only fast delivery for grocery shopping and delivery orders."

Jungbeom Yoo, CEO of Mesh Korea, said, "The global e-commerce market, including Korea, is rapidly changing into a complex structure where no single company can compete and survive alone," and added, "The synergy of the two companies, which have long focused on the essentials such as infrastructure and solution building and product sourcing to target the e-commerce market, has sufficient competitiveness to take the lead in the quick commerce market."

Meanwhile, Oasis Market, established in 2011, has over 10 years of experience in distribution logistics. It operates 42 directly managed stores in major areas such as the metropolitan area, entered the fresh food dawn delivery service business in 2018, ranks among the top three in the industry, and is the only profitable company in the sector. Recently, it attracted new investment worth 50 billion won with a corporate value of 750 billion won.

Mesh Korea owns 450 logistics infrastructures nationwide. Recently, it expanded and opened the Gimpo Fulfillment Center (FC) and is operating urban logistics hubs called Micro Fulfillment Centers (MFC) in Gangnam and Songpa, Seoul. Collaborating with Kakao Commerce, Wemakeprice O, and others, it is gaining industry attention by offering various quick commerce services such as real-time delivery and live commerce. Based on IT and big data solutions, it manages everything from product ordering, delivery, inventory management, to returns, and has successfully led large-scale investments from Naver, GS Retail, and Hyundai Motor Company.

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