Coupang (company)
Coupang is an e-commerce company based out of South Korea.
Coupang is the world's fastest growing e-commerce company and was founded in 2010 by Bom Kim, a Harvard University grad, who left Harvard Business School in June 2010 to move to South Korea and start Coupang. The company started by offering daily-deals on services, but quickly expanded to partnering with merchants and selling physical goods. Today, Coupang offers a curated selection of diverse merchandise including baby goods, fashion, beauty products, consumables, home goods and decor, books and toys, sporting goods, electronics, and tickets for travel and cultural events.
In 2013, its third year full year in operation, Coupang exceeded $1 billion USD in annual sales. Coupang has achieved its growth by consistently innovating new services that benefit the customer experience, such as a compelling mobile shopping platform, same-day delivery and personalized recommendations. In 2011, Coupang released an app for iPhone and Android. As of August 2013, mobile sales accounted for more than half of the company's sales and 70% of its web traffic.
As of May 2012, Coupang had approximately 700 employees, 12 million subscribers and 25,000 merchants selling goods on its marketplace. The company became cash flow positive as of late 2011 and achieved monthly net profit as of May 2012.
As of May 2014, Coupang has raised a total of $160 million from U.S. venture capitalists investors including Sequoia Capital Global Equities, Sequoia Heritage, Greenoaks Capital Management, Rose Park Advisors, Maverick Capital, LaunchTime, Altos Ventures, Bill Ackman, Clay Christensen and others.
In October 2012, Coupang made Business Insider's list, "THE DIGITAL 100: The World's Most Valuable Private Tech Companies".