Goldman Sachs Group Inc.'s private equity arm led a group of investors putting 40 billion won ($36.1 million) in South Korea's largest online and mobile food ordering service, as more consumers take to ordering meals from their phones. The investment in Woowa Brothers Corp, which owns the Baedal Minjok service, will help the company expand internationally and develop new technology, Goldman said in a statement. Woowa last month started a joint venture with chat app company Line Corp to launch a food delivery service in Japan.Line is owned by Naver Corp, South Korea's top Internet portal operator. Naver last month said it was holding off on an IPO for Line to build up the chat app company's revenue and profit.Goldman didn't disclose the size of the stake in Woowa bought with the investment.Baedal Minjok, which means "Delivery Nation" in English, processes more than 4 million orders a month, 99 percent of which are done through mobile devices. (1 US dollar = 1,107.5400 Korean won)
The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 0.18% or $-0.34/share to $188.52. In the past year, the shares have traded as low as $151.65 and as high as $192.68. On average, 2798640 shares of GS exchange hands on a given day and today's volume is recorded at 2024075.
Source
