A South Korean food delivery app on Thursday said it has attracted a 40 billion won (US$36.31 million) investment from U.S. financial firm Goldman Sachs as it pushes to expand business overseas.
"With the investment, we can now strengthen our standing in the industry and put our overseas expansion into full swing," said Kim Bong-jin, the founder of the app "Baedal ui Minjok," which roughly translates to "The people of delivery" in English.
Goldman Sachs officials said the food-ordering program for smartphones drew the attention of investors as a "locally-made service with innovative ideas," with which the investment bank "hopes to form a partnership and support further development."
Kim's app, available on Android and iOS operating systems, is currently No. 1 in such services with more than 14 million downloads made as of mid-October. First distributed in 2010, the app provides users with services similar to the likes of U.S.
counterpart GrubHub Food Delivery & Takeout.
The app has already laid eyes on overseas markets, as it joined hands with Line Corp., the Tokyo-based affiliate of South Korean portal operator Naver Corp., and launched another delivery service called "Line Wow" earlier last month. (Yonhap)