The food delivery landscape of Korea is about to change now that Uber has teamed up with the East Asian country’s preferred everything app, Naver, to take over the industry. Let’s get to know Naver here.
The breaking news
Ridesharing Forum is part of every action. Uber and the South Korean Internet giant recently formed a consortium, submitting a bid of around $5.34 billion to acquire the country’s biggest food delivery system, Baedal Minjok. That being said, it is no longer the largest, now that a consortium has been formed.
Uber, the world’s number one ridesharing app, formed an eight-to-two consortium together with Naver, with the goal to acquire a 100 percent stake in Baemin, which is operated by Germany’s Delivery Hero, ridesharing media reports cited.
A representative of Naver chatted with Ridesharing Forum, saying it has received a teaser letter related to the deal, but nothing has been decided yet.
Few days ago, according to investment bankers, Delivery Hero distributed a teaser letter, thanks to JP Morgan, the sell-side advisor for Woowa Brothers, to big domestic and overseas strategic investors and private equity fund managers.
Industry and financial experts stated that this move is about Delivery Hero re-organizing its assets to enhance its financial structure and secure liquidity. As of the end of last year, its liabilities ballooned to $6.9 billion, roughly, so it is making the right choice, somehow.
What is Naver then?
All about Naver
Naver is mostly never-heard for those who have not visited Korea, since this app is what tourists and Koreans would recommend to help you get around the city, and even search for things. It’s practically “the Google of Korea.”
Naver is the biggest Internet platform and search engine in Korea. It works as an all-in-one portal that integrates maps, shopping, emails, social, and digital payments. For instance, if you wish to find out which train rides to take, or which train stations to get off at when exploring the super-big city of Seoul, then Naver should be your go-to app. It was launched in 1999.
Here are what Naver can do: it is a comprehensive search engine that kind of competes with Google, considering the Korean market. It is also a widely used map and navigation service in South Korea, highly recommended over Google Maps for its accurate local transit, walking directions, and business listings.
And since Korea is the perfect shopping destination, Naver is also your online shopping aggregator and digital department store, combining independent merchants with the country’s biggest and most famous brands. It’s nice to have Naver by your side when you’re in Myeongdong, for instance.
Most foreign tourists would only use the map feature of Naver, but feel free to explore across the app! Certainly, things are going to get more exciting with this newest partnership! For more ridesharing news and food delivery news, sign up for your account here on Ridesharing Forum today!