On December 3, according to media reports, South Korean e-commerce platform ABLY announced that its parent company, ABLY Group, has received an investment of 100 billion KRW (approximately $71.29 million) from Alibaba.
It is reported that through this investment, Alibaba will acquire a 5% stake in ABLY Group. ABLY stated that upon completion of the investment, the company’s valuation will rise to 3 trillion KRW (approximately $2.14 billion), placing it on the list of “unicorn” companies.
ABLY plans to use this investment from Alibaba as a starting point to secure an additional 100 billion KRW (approximately $71.29 million) from Silicon Valley and overseas sovereign wealth funds.
Founded in 2015, ABLY is a South Korean comprehensive e-commerce platform that offers products such as apparel, jewelry, fashion accessories, shoes, and bags. As a platform focused on meeting consumers’ personalized needs, ABLY has achieved remarkable success in the South Korean market in recent years. Against the backdrop of widespread mobile internet adoption and changes in consumer shopping habits, ABLY has seen continuous growth in its user base and market share.
According to media disclosures, this investment from Alibaba has undoubtedly provided ABLY with strong financial support, enhancing its competitiveness in the highly competitive e-commerce market. ABLY noted that this investment not only signifies the establishment of a strategic partnership with Alibaba but also lays a solid financial foundation for the company’s future development.
Globally, Alibaba has already invested in several e-commerce platforms and technology companies, including Lazada in Southeast Asia and Paytm Mall in India. This investment in ABLY marks Alibaba’s first foray into the South Korean e-commerce market and provides valuable insights for its future global investments.
Notably, shortly before this investment, on November 21, Alibaba Group CEO Wu Yongming announced in an internal email the establishment of the Alibaba E-commerce Business Group. Jiang Fan was appointed as the head of the group, reporting to Wu Yongming. The new business group will comprehensively integrate e-commerce businesses such as Taobao Tmall Group, International Digital Commerce Group, 1688, and Xianyu, forming a business cluster that covers the entire domestic and international industry chain.
In his internal email, Wu Yongming emphasized: “As times progress rapidly, Alibaba, at 25 years old, must maintain a startup mindset, continue to innovate, fulfill its mission to serve small and medium-sized businesses, and create value for society.”
