Ballan Secures 25 Billion KRW Series C Funding

[Asia Economy Reporter Eunmo Koo] Online luxury platform Ballan announced on the 14th that it has successfully raised 25 billion KRW in Series C funding.

This investment round included participation from Shinhan Capital, Company K Partners, and Daol Investment, with two additional investors confirmed to join by the end of this month. With the completion of the Series C round, Ballan’s total accumulated investment amount has reached 73.5 billion KRW.

Ballan revealed that its transaction volume in the first half of this year reached 381.2 billion KRW, a 400% increase compared to the same period last year. The number of members has exceeded 2.25 million, showing a fivefold increase year-over-year, demonstrating rapid growth in the luxury platform market.

With this new funding, Ballan plans to focus on solid business expansion. Given the challenging investment market, the company will revise its business expansion strategies such as mergers and acquisitions (M&A), and aims to continuously increase investment value by proving Ballan’s intrinsic value through profitability turnaround in the fourth quarter.

This year, Ballan has launched services including the 'Golf Specialty Section', fast delivery service 'Ballan Express', 'Price Comparison Feature for Sold Products', and 'Ballan Care'. At the end of July, it introduced 'Connected Retail' at its Yeouido IFC store, providing customers with a differentiated luxury shopping experience.

Ballan aims to surpass 1 trillion KRW in annual transaction volume and achieve net profit positivity for 2022 by improving its business profit structure and diversifying product categories in line with the domestic market atmosphere within the year. Additionally, to expand its position in luxury commerce, Ballan plans to enhance customer services by expanding Ballan Express regions and launching a gifting service, and to strengthen B2B services by introducing a B2B marketplace business solution that combines supply chain finance and IT services.

Choi Hyung-rok, CEO of Ballan, stated, "Despite the overall difficult market conditions, Ballan’s service technology and growth value were highly evaluated, enabling us to successfully secure Series C funding. We plan to use the investment to strengthen our position as a luxury platform, build a value chain to reinforce business growth drivers, and create new revenue sources and value."

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