South Korea eCommerce platform Coupang revenue surge ahead of IPO
South Korean e-commerce giant Coupang Inc revealed rapid revenue growth and narrowing losses in its filing for a US stock market debut, as the SoftBank Group Corp-backed company looks to cash in on strong demand for high-growth tech stocks.
Founded in 2010 by Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its 'Rocket Delivery' service that promised delivery within 24 hours, in a sharp blow to the country's family-owned retail conglomerates such as Shinsegae and Lotte.
Coupang on Friday disclosed total revenue jumped 91% to $11.97 billion in 2020 from a year earlier, while net loss narrowed to $474.9 million from $698.8 million.
The company, viewed as a local rival to e-commerce giant Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 bil...