Qoo10

Last updated

Qoo10
FormerlyGmarket
Company type Subsidiary
Industry Internet
Founded2010;14 years ago (2010)
FounderKu Young Bae [1]
Area served
Singapore, Malaysia, Indonesia, Hong Kong, China, Taiwan
Key people
Ku Young Bae (Chairman and CEO)
Products E-commerce
Services Online shopping
Number of employees
650 (September 2018)[ citation needed ]
Parent Qoo10 Pte Ltd
Website

Qoo10 is a Southeast Asian e-commerce platform, formerly known as GMarket, headquartered in Singapore. [2] It operates localized online marketplaces across Singapore, Indonesia, Malaysia, mainland China, and Hong Kong, and on one international online marketplace. It optimizes its platform and services for small and medium enterprise merchants. [3]

Contents

History

Qoo10 was founded as a subsidiary of Qoo10 Pte. Ltd., in 2010 by Giosis Pte. Ltd., [4] a joint venture between Gmarket founder Ku Young Bae and eBay. [5]

Gmarket was founded in South Korea in 2000 as a subsidiary of Interpark. In December 2007, Gmarket was established in Japan[ citation needed ]. Gmarket was next established in Singapore in December 2008.[ citation needed ]

In April 2009, Ku Young Bae sold Gmarket to eBay. [6] [7] [8]

In May 2010, Giosis Pte. Ltd. was established as a joint venture between Ku and eBay to further develop Singapore and Japan marketplaces, and expand in the region. [9] [10] [1]

In March and April 2011, Gmarket was established in Indonesia and Malaysia respectively.[ citation needed ] In September, Gmarket launched its global marketplace.[ citation needed ]

In May 2012, Gmarket was rebranded as Qoo10. [11]

In January 2013, Qoo10 was established in China.[ citation needed ]

In January 2015, Qoo10 was established in Hong Kong.[ citation needed ]. In July, Giosis raises US$82.1 million in series a funding from Singapore Press Holdings, eBay, Oak Investment Partners, Saban Capital Group, Brookside Capital, and UVM 2 Venture Investments [12] [13] [14] The company stated their intention to use the funds to accelerate Qoo10's technology growth and service development, while investing in additional infrastructure and talent acquisition. [12] [13] [14]

In April 2018, eBay completed acquisition of Giosis Private Limited and its Japan properties, including Qoo10.jp  [ ja ], which will operate independently from other Qoo10 sites. [15] [16] [17] eBay relinquished its stakes in Giosis' non-Japanese businesses, which moved under newly established parent company, Qoo10 Pvt. Ltd.

In October 2019, Qoo10 acquired ShopClues, an Indian e-commerce platform. [18]

Qoo10 rebranded its name to Wish+ Logo us.svg
Qoo10 rebranded its name to Wish+

In February 2024, Qoo10 acquired Wish.com, an American e-commerce platform for approximately $161 million. [19] At that time, the Qoo10.com site rebranded the logo from Qoo10 to Wish+.

Awards and recognition

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References

  1. 1 2 "eBay and Gmarket Founder Plan Asia Expansion Through Joint Venture". www.ebayinc.com. May 6, 2010. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  2. ↑ "EBay Is Close to $700 Million Deal for Qoo10's Japan Assets". bloomberg.com. Bloomberg. Archived from the original on September 23, 2018. Retrieved September 22, 2018.
  3. 1 2 "Can Qoo10 maintain its dominance in Singapore's e-commerce market?". Singapore Business Review. June 14, 2018. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
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  5. ↑ "Singapore's biggest online mall Qoo10 fights Alibaba with blockchain". The Straits Times. April 3, 2019. Archived from the original on November 10, 2019. Retrieved November 10, 2019.
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  10. ↑ Rao, Leena (May 6, 2010). "eBay Partners With Gmarket Founder For $20 Million Expansion Into Japan And Singapore". TechCrunch. Archived from the original on July 6, 2017. Retrieved September 19, 2018.
  11. ↑ Wee, Willis (April 17, 2012). "Gmarket Singapore, Japan, Malaysia, and Indonesia to Rebrand to Qoo10". Tech in Asia. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  12. 1 2 Karekar, Rupali (July 23, 2015). "SPH leads group investing $112m in Qoo10". The Straits Times. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  13. 1 2 Freischlad, Nadine (July 22, 2015). "Ecommerce site Qoo10 locks up $82M in series A funding". Tech in Asia. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  14. 1 2 Shu, Catherine (July 23, 2015). "Ebay-Backed, Asian E-Commerce Company Giosis Lands $82.1M Series A". TechCrunch. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  15. ↑ Dastin, Jeffrey (February 28, 2018). "EBay to buy Qoo10 Japan, other assets from Giosis". Reuters. Archived from the original on June 17, 2018. Retrieved September 19, 2018.
  16. ↑ Smith, Jake (February 28, 2018). "eBay acquires Qoo10 Japan e-commerce platform | ZDNet". ZDNet. Archived from the original on March 3, 2018. Retrieved September 21, 2018.
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  18. ↑ "Singapore's Qoo10 acquires Indian online marketplace ShopClues". TechCrunch. October 31, 2019. Archived from the original on June 29, 2021. Retrieved November 1, 2019.
  19. ↑ "ContextLogic: Deal With Qoo10 Provides Opportunity To Make Attractive Returns". Seeking Alpha. February 26, 2024. Archived from the original on April 2, 2024. Retrieved May 3, 2024.
  20. ↑ "Qoo10 named best online retailer at AsiaOne PCA 2015". AsiaOne Women. Archived from the original on July 16, 2016. Retrieved June 17, 2016.
  21. ↑ "Agoda, POSB and Qoo10 among top winners at AsiaOne People's Choice Awards 2016". The Straits Times. April 21, 2016. Archived from the original on May 3, 2016. Retrieved September 19, 2018.
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  23. ↑ Krishna Moorthy, Prabu (February 25, 2016). "Qoo10 voted 'Best Electronics Shopping Portal' at Tech Awards 2016". AsiaOne Digital. Archived from the original on April 2, 2016. Retrieved September 19, 2018.
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  26. ↑ Shi Wei, Neo (April 23, 2018). "Qoo10 takes e-commerce fight to next level with bulked-up war chest". The Business Times. Archived from the original on July 12, 2018. Retrieved September 19, 2018.
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