A similar program and service similar to Amazon is making its way into the busy skyline of South Korea. It has been noted that the region is presently enjoying an influx of investments amounting to almost $5 Billion for its start-up sector.
It appears that the business endeavor of Coupang has filled the void that Amazon could have provided for the region and it is under the watchful eye of its founder and present CEO Bom Kim. According to Forbes, "The distinction is academic anyway, because Kim is almost always occupied round the clock as the CEO of Coupang, South Korea's fastest-growing e-commerce site of all time. It's the closest thing the country has to Amazon and in several key ways it's better."
Coupang and its founder, Kim, are a big reason Jeff Bezos will continue to avoid the country and its 51 million people. The six-year-old startup grossed about $300 million in 2014, a figure that will likely quadruple for 2015 when full-year numbers are reported later this month, according to the same post.
The unprecedented success of Coupang led to raising $1 billion at a $5 billion valuation as well. Moreover, Kim's estimated 19 percent stake in Coupang is already valued at $950 million, turning him into a billionaire soon. On a different note, Amazon has been saturating the global market in many ways. It has even led to innovating its other products such as the Kindle app, as noted by Jobs & Hire.
It remains uncertain on whether Amazon will enter South Korea's thriving marke and contend with Kim's enterprise. As for the company, Coupang has already begun mapping its presence in the region. Also, when Kim is asked regarding Coupang, he responded by stating, "This is a huge market opportunity, and it's completely overlooked. Amazon isn't even doing what we're doing now."
