이 기사는 2021년 03월 19일 10:29 thebell 에 표출된 기사입니다.

Qoo10 may join hands with a financial investor to bid for eBay Korea, as the race heated up with the country’s retail giants showing strong interest in the company.

EBay Korea received non-binding offers from retail giant Lotte Group, Shinsegae Group's supermarket chain Emart, SK Telecom, Qoo10, and MBK Partners on Tuesday. But there are still chances that they may partner with financial investors at the last minute before drawing up detailed funding plan, industry watchers said.

Market insiders are paying close attention to Singapore-based Qoo10. It has been named as one of the strongest candidates to buy eBay Korea, as its chief executive officer Ku Young-bae has strong ties with the U.S. ecommerce giant and a good understanding of the business as a founder of Gmarket, owned by eBay.

With its global network and logistics system, Qoo10 could generate strong synergies with eBay Korea, industry watchers said.

“If Qoo10 opens export routes for Gmarket sellers, whose sales channels are limited to the Korean market, the transaction volume will increase exponentially,” said an industry source. “Qoo10 has a strong presence in overseas markets. With the acquisition of eBay Korea, it will be able to become a leader in the domestic e-commerce market.”

However, it is unlikely that Qoo10 will be able to buy eBay Korea on its own due to its financial situation. Qoo10’s exact cash equivalents are not known, but it has spent a lot of money acquiring foreign companies and investing in logistics in recent years, and probably won’t have enough funds to acquire eBay Korea, which is expected to fetch 4 trillion won, industry sources said.

Ku has reportedly approached several PE firms for possible partnerships. Partnering with a deep-pocketed financial investor could make Qoo10 solve its financing issue while the financial investor could have Ku managing the firm. Some PE firms are said to be reviewing Ku’s proposal seriously.

Sources said that Qoo10’s revenue reached 1 trillion won in 2016 and has grown at an annual rate of 30%. The company raised 90 billion won in 2015 and 30 billion won last year from Seoul-based PE firm Corstone Asia.

Qoo10 was founded in 2010 as a joint venture between Ku and eBay, with stakes of 51% and 49% respectively. The online shopping platform has localized marketplaces in Singapore, Indonesia, Hong Kong and China, and has been the largest e-commerce firm by gross merchandise volume in Singapore for years.

Qoo10 Japan was acquired by eBay in 2018 for $573 million in an attempt to make a foray into the Japanese ecommerce market. (Reporting by Si-eun Park)