SoftBank's Son considering bringing Coupang services to Japan
[TOKYO] SoftBank Group Corp chief executive officer Masayoshi Son said on Monday the conglomerate is considering bringing services from South Korean e-commerce firm Coupang to Japan.
SoftBank-backed Coupang raised about US$4.6 billion earlier this month in the biggest US initial public offering this year, after it made a splash in South Korea with its "Rocket Delivery" service promising delivery within 24 hours.
"We're discussing with the guys at Yahoo Japan about it.
We've started considering whether it could be done in Japan too," Mr Son said in a television interview late on Monday.
SoftBank has a history of importing foreign technology into Japan, including launching the Yahoo Japan Web portal in the 1990s and the recent rapid expansion of payments app PayPay, which uses technology from SoftBank Vision Fund portfolio company Paytm.
SoftBank said in a statement on Tuesday Mr Son's comments meant that providing a similar service to Coupang was being considered, not that Coupang would launch in Japan.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
A spokesperson for Z Holdings, parent of Internet business Yahoo Japan, said the company was not actively considering introducing such services.
SoftBank's Vision Fund markets itself to potential investments as offering a gateway to Japanese markets. Z Holdings completed a merger with chat app operator Line this month.
A recovery in valuations at the US$100 billion Vision Fund after high profile stumbles was underscored at Coupang's New York debut earlier this month. SoftBank holds a 37 per cent stake in Coupang, which has a market cap of US$79 billion.
Z Holdings operates the PayPay Mall shopping site, part of a major expansion in e-commerce where it competes with Amazon and Rakuten.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Singapore’s Anywheel gets green light to expand fleet to 35,000
Vietnam education startup Prep bags US$7 million in Series A funding
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Ninja Van axes more than 20 employees in tech team in Singapore
Temasek-backed PsiQuantum to build first commercial quantum computer
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too