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Coupang – An e-Commerce Company That Is Recognized As The Amazon Of South Korea.

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Founded in July 2010, Coupang is the second largest e-commerce marketplace in South Korea. The founder of the company is Bom Kim, a Korean-American businessman who is serving as the CEO of the company presently. Coupang is often compared to Amazon in South Korea because the company has expanded very rapidly and it is known for the fastest deliveries. The company is incorporated in Delaware, United States and apart from South Korea, recently it has entered the American stock market. In 2021, the company announced that it is expanding its business in Japan and Taiwan. Some of the other offices of Coupang are located in Seattle. Los Angeles, Shanghai, Mountain View, etc.

About Coupang

Coupang is not only a famous e-commerce company in South Korea but also recognized across the world as one of the biggest companies. The company’s growth has been exponential in the past few years and in the first quarter of 2021, sales of $4.26 billion were recorded. SoftBank majorly invested in the company when it was rising during 2015 and then in 2018 and currently, the company owns one-third of Coupang. The company is trying to create a better experience for the users every day by implementing innovative technologies. Both Forbes Magazine and MIT Technology Review recognized Coupang as one of the 50 smartest companies in the world. So, starting out only a decade ago, the company is making the same lists as Google, Facebook, Amazon, and Tesla.

Coupang’s fastest delivery is what makes it the most widely used e-commerce site in South Korea. In 2019, the company introduced a new feature called Dawn Delivery which means that if a customer orders something before midnight it will get delivered by 7 am in the next day. This feature helped the company grow very fast especially during the time of pandemic as people could get emergency supplies in less than half a day’s duration. Coupang’s IPO when entering the American market became the biggest IPO of an Asian company after the Alibaba Group.

Coupang
Image source: tellimer.com

History of the Company

Back in 2010 when Coupang was established it started out as an endeavor similar to Groupon. But within the first three years, Company crossed everyone’s expectations and left most of its competitors behind in the market. It was able to attract many large investors and in 2014 raised $300 million successfully from US investors and then in 2015 and 2018 raised $3 billion from SoftBank. SoftBank, today, owns a major portion of the company while the stakeholders are Greenoaks Capital, Maverick Holdings, Rose Park Advisors, BlackRock, and Bom Kim.

After eleven years of successfully establishing one of the largest Asian e-commerce companies, Coupang has a workforce of more than 50,000. It is because of the fastest deliveries that people in South Korea uses Coupang extensively. The company claims that 99.6% of the order received are delivered within 24 hours. The company uses Rocket Delivery Network and 70% of the South Korean citizens have a Coupang logistic center within a 10-minutes distance from their home.

Is Coupang better than Amazon?

Though in South Korea, Coupang is used extensively when compared to Amazon, the former has a very small customer base. Coupang has approximately 15 million customers whereas Amazon has over 100 million prime customers across the world. But, the customer base of Coupang will steadily increase because it is launching in overseas markets. Similar to Amazon Prime membership, Coupang has also launched a membership program (Coupang Wow Rocket Membership) and nearly 32% of the total customers are paying for it. The delivery speed of Coupang is unmatchable even for Amazon especially when it comes down to groceries.

About the Founder

Born in Seoul, Bom Kim left Korea at the age of seven and went to boarding school in Massachusetts. Later, he attended Harvard University followed by Harvard Business School but dropped out after six months. Before starting Coupang, he worked at Boston Consulting Group and currently his net worth is approximately $6.8 billion.

Alibaba Seeks to Split Shares to Eight Ahead of a Reported $20B HK Listing

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Alibaba, the biggest eCommerce giant from China, is all set for its IPO listing, which the company has filed in Hong Kong. The IPO may take place in Q3 this year, and it is expected that it may raise up to $20 billion, biggest in Hong Kong after 2010.

Alibaba
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Reportedly, Alibaba has proposed to split its one ordinary share into eightfold, in order to raise more funds. The company’s single ordinary share stands at 4 billion, and dividing one to eight will make it $32 billion.

Alibaba will be proposing the idea at its annual general meeting to be held on July 15, in Hong Kong. Here, the investors will be asked to vote for in favour or against the proposal, as they would want to. And, if the proposal gets the winning votes, the company will carry out the spilt by July 2020.

“The Board of Directors is proposing the Share Subdivision to increase the flexibility for the Company in future capital market activities. Among other reasons, the one-to-eight share subdivision will increase the number of shares available for issuance at a lower per share price, and the Board of Directors believes that this will increase flexibility in the Company’s capital raising activities, including the issuance of new shares,” stated Alibaba in the filing,explaining the reason behind the splitting up of share.

According to the reports, the company’s board is already in favour of the proposal and just waiting for the investors to poll. The reports also suggest that Alibaba has already submitted its papers for IPO.

The company went for an IPO in 2014 in the U.S. citing the lack of flexibility, as one of the reasons to not to go for Hong Kong for the listing. It was one of the biggest IPOs and had raised $20 billion at that time. But almost two years ago Hong Kong made some relaxation in its listing rules, such that most of the Chinese companies, now, are seeking for filing IPOs in Hong Kong.

Colin Huang : From Son of a Factory Worker to the CEO of a Billion Dollar Company ‘Pinduoduo’

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There are rare chances that the destiny of a person meets his talent and help him achieve the things that at a point might be unimaginable. But there are real examples in the past that has proved that in the success of a person his hard work and talent work even more efficiently if his destiny is working with him too. The son of worker Parents, Colin Huang, would have never thought that his brilliance, and his destiny, will coincide and he will have his own rag to riches story. The 13th richest person in China, in just three years. The life story of Huang surely is a great example and inspiration for many.

Colin Huang was born in 1980, in Hangzhou, to the worker-class parents. While in school, he participated and won a medal in a Mathematics Olympiad, after demonstrating an aptitude in Mathematics. This was the point when his destiny started pushing him towards a good life. The prize of the Olympiad was a scholarship to a reputable school in Zhejiang province.

Colin Huang
Image Source: colinhuang.com

In the school, he got to know many elite students and was even introduced to the daughter of the Mayor of the school, as she too studied in his class. This helped him a lot to build up confidence in him and hence became more comfortable in interacting with the most brilliant students of the school.

As soon he completed his school, another opportunity came into his lap, and he was chosen to study at the prestigious Zhejiang University, where he pursued a degree in computer science. In his first year, he was also selected to be a part of the Melton Foundation.

During his college, he started an internship at Microsoft Beijing, where he earned the stipend worth 6,000 yuan. According to an interview, Huang accepted that the stipend he received for the internship was already greater than the salary of his parents altogether, at that time.

After completing his graduation, he went to the University of Wisconsin to pursue a master’s degree. At the university, he was doing exceptionally well, and his professor impressed by his brilliance provided him letters for the recommendation for a few of the biggest tech giants of that time.

After completing his education in 2004, he received the offer letters from three big companies, i.e. Oracle, Microsoft and IBM. Turning down all the three offers, he decided to work with Google, the company which had just filed its IPO in the same year.

Huang joined Google as an engineer. After working for three years with the company, in 2007, he resigned from his post, as he had got tired of flying back and forth, from the US to China, to resolve even the tiniest of matters. By the time, he had earned a lot of good money and was able to take the decision of quitting his job.

He flew back to China and started his first venture, an eCommerce website named Ouku. The website became popular soon, and after three years, in 2010, Huang sold the website. After Ouku, he founded Leqi, another website, and then, Xunmeng, a gaming studio.

All the three ventures he started, paid him well to lead to him to found another venture, Pinduoduo, which is also the most successful venture of the serial entrepreneur, Huang.

Pinduoduo is an eCommerce platform that provides its users with offers on group purchases. The company was founded in September 2015. Within a year, Huang was able to raise investments from the leading companies of China, i.e., Tencent, Gaochun and Xintianyu. The three companies alone invested a worth of US$110 million in company’s B round funding.

In 2018, the company reported the number of users, more than 200 million. On July 26, 2018, the company went public on NASDAQ, and with a US$1.6 billion IPO, it became the largest IPO of 2018. Pinduoduo is one of the youngest companies which is giving a tough competition to the more than a decade old eCommerce giants like Alibaba and JD.com. In fact, it is the third-largest e-commerce company in China by sales numbers, after the mentioned companies.

According to Huan, he had never thought of changing the world, but if he is contributing to that, there is nothing bad in that.

Pinduoduo, gets most of its traffic from the lower-tier cities, such that people belonging to the lower-class are also able to buy things on the website. The success of the company has even made Huang the 13th richest person in China. Currently, he is working as the CEO of the company, and his net worth is estimated to be $15.6 billion.

Hiroshi Mikitani : Founder of Japan’s Largest eCommerce Marketplace, ‘Rakuten’

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A degree from a famous business school, and a 9 to 5 corporate job, the dream of every parent for their child. And, there is no denying the fact that most of the youngsters want this settled life for themselves, too. But not every child is interested in the comfortable 9 to 5 race as some are who wants to make their own identity, and do not want to work for others but themselves. A similar situation goes to the success story of Hiroshi Mikitani, who got perfect education and even a perfect job, but his dream of entrepreneurship encouraged him to take the leap and fulfil his dreams.

Early Life

Mikitani was born on 11 March 1965, to Ryoichi Mikitani and Setsuko Miktani, in Kobe, Hy?go Prefecture, Japan. His father was an economist and was Japan’s first Fulbright Scholar to the US, and his mother worked for a trading company. His father even taught at Yale University, so the family moved to New Haven, Connecticut, from 1972 to 1974. He has two siblings, a brother who is a professor of biology at the University of Tokyo and a sister, who is a is a physician. Mikitani’s grandfather was also an entrepreneur and founded Minolta. In 1928.

Hiroshi Mikitani
Image Source: hbs.edu

Mikitani graduated with a commerce degree from Hitotsubashi University in 1988. He, later, completed his master’s degree in business administration from the famous Harvard Business School in Cambridge, Massachusetts, in 1993.

Career

As soon he graduated from Hitotsubashi University, Mikitani was recruited by the Industrial Bank of Japan, in 1988. In 1993, he was transferred to the US, where he took two years of break from his bank job to pursue a master’s degree from the Harvard Business School. Along with his education, he started a consulting service, his first official business.

In 1995, his birthplace, Kobe suffered from great loss due to the 20 seconds destructive earthquake. The incident was very heart-wrenching and led Mikitani to move back to his country to help revitalize Japan’s economy, and leave his job.

Founding Rakuten

After coming back to Japan, Mikitani did not want to start over with a corporate job. Instead, he started looking at the different business model to start his own new business. At the time, the internet was revolutionising the various industries and had initiated the inception of e-commerce businesses. Netscape was working as an e-commerce website, and Amazon was just starting up its own.

The step was risky, but Mikitani was inspired to set up his own e-commerce website. So he founded a company named MDM, Inc. with three co-founders on 7 February 1997 and launched Rakuten, an online marketplace. The website helped many small shop owners to reach new customers and with the growth of their business, charging a small monthly fee from them. The platform also helped the farmers sell their goods online. All the four co-founders invested a total of US$250,000 from their own money. In 1999, the company was renamed to Rakuten Inc. Just in three years of its inception, Rakuten went public on JASDAQ in 2000. The website became popular in no time and had grown to 2,300 stores and 95 million page views per month.

The next year, the company launched Rakuten Travels, an online hotel reservation platform. In 2004, Rakuten started its financial services and launched a Rakuten credit card in 2005. It soon became the largest tech giant operating Japan’s largest Internet bank and third-largest credit company.

As Mikitani’s prime reason to go back to Japan was to help in its economy and infrastructure, in December 2005, Rakuten established the Rakuten Institute of Technology in Tokyo. In 2008, the company began to expand outside Japan, and in 2011, the company invested in Pinterest. By 2012, the company had established its online services in Austria, Canada, Spain, Taiwan, Thailand, France, China, Hong Kong, Korea, etc.

In March 2015, the company started trading in Bitcoin. The company also made some acquisitions, earning more profits in the overseas business including Buy.com, PriceMinister, e-book service Kobo, Ebates, and also the messaging app Viber. By 2017, Rakuten had over 14,000 employees, over 42,000 shops on its e-commerce sites, and sales of nearly US$6 billion, with over 100 million members in Japan.

Peesonal Life

Mikitani married Haruko in 1993 and have two children with the marriage. In 2012, Mikitani received the Alumni Achievement Award from Harvard Business School. He was awarded the rank of Chevalier of the National Order of the Legion of Honour by the French government in 2014. He was also awarded the Spain-Japan Business Contribution Award by the Spanish Chamber of Commerce in 2017.

Richard Liu – CEO and Founder of ‘Jingdong’; Journey of a Man from Nowhere to Billions

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Every big journey has a small start. Every success story has n number of hardships and failures and so does the success story of Richard Liu have. The man who rose from multiple failing businesses and everlasting debts to fame and a business worth billions of dollars. His story speaks up that sometimes taking the wrong roads might benefit as they teach important lessons for future life.

Richard Liu (also known as Liu Qiangdong) was born on March 10, 1973, in a family having a business of coal shipping. He had a vast interest in politics, so he got enrolled in the department of sociology, in the People’s University of China. During the same time, he also studied computer programming as he realized that a degree in sociology, won’t ensure him a job.

richard liu
Image Source: Forbes

While in college, he invested his money in a restaurant venture which failed deliberately and left him in debt. He passed his degree in 1996, and after that went on to pursue a degree of Executive M.B.A. from the China Europe International Business School.

After completing his studies, Liu was first employed by a Japanese health product company and served as the Director of computers and business, alongside the logistics supervisor. In early 1988, he realized that it was the right time to step into the business world and in June, he opened a business with the name Jingdong in Zhongguancun High-tech Industrial Park in Beijing. The company focused on selling authorized magneto-optical products. By 2003, his business was blooming and he managed to open 12 stores.

In mid-2003, the Severe Acute Respiratory Syndrome (SARS) forced Jingdong employees to stay back at home, and this hit the company hard. Liu’s business fell into a great loss (losing more than 8 million Yuan) and forcing Liu to think out of the box. That’s when he met with an idea to take his business online idea took him from nowhere to the entrepreneur he is now.

In 2005, Liu founded JD.com which eventually grew his business. He closed all of the offline stores and built it a full-time e-commerce company. Richard changed the company’s focus from magneto-optical products to a whole variety of products which can be seen on the site itself.

‘JD.com sets the standard for online shopping through its commitment to quality, authenticity, and its vast product offering covering everything from fresh food and apparel to electronics and cosmetics. Its unrivalled nationwide fulfilment network provides standard same- and next-day delivery covering a population of more than 1 billion – a level of service and speed that is unmatched globally,’ the site itself says.

Richard has been involved in some conflicts too, in his personal life. He was arrested in Minnesota for sexual assault but was released a day after as the company stated the acquisitions were false.

JD currently has 15,000 plus employees and is having a net worth of a massive $57.6 billion. Liu himself has a net worth of $6.1 billion (Forbes) with all-time worth being nearly $2.1 billion. In 2017, he was #25 in Richest in Tech and in 2018, was at #30 on China Rich List 2018.

Richard Liu, the CEO and founder of Jingdong, shows us that no matter how many failures you face, it is all about getting back up, learning and fighting again. Real success comes from not giving up. Richard is an inspiration to all.

Mona Ataya : The Woman Who Revamped a Mother’s World And her Babies

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What is the toughest job on the planet? If you ask me, I would say a mother’s job is the toughest that stands today. Bringing up a human with qualities and personality is certainly difficult. Besides, every mother in the world wants the best for her little devil, be it outfits, education or anything else.

Shopping for kids is enervating these days. Considering the prices and the choices in the market, it is very difficult to pick out the best, for your little one. One has to look for the quality, the pricing and the service that is being provided to them. Well, put these three together, and you’ve got Mumzworld.

Mumzworld is an online site for baby shopping. Yes! A whole internet site that caters only baby needs. And the mastermind behind this, Mona Ataya, shares an inspiring story out with the world.

Mona Ataya
Image Source: arabianbusiness.com

Mona, the CEO and founder of Mumzworld, launched the startup site after taking into account the daily troubles and needs of mothers, that were being ignored by the market. She stepped up and launched the site, which is now the 1st and the largest online shopping site in the Middle East for mothers and their babies.

Mumzworld services in countries like UAE, Saudi Arabia, Qatar, Kuwait, Oman, Jordan, Lebanon, and ships their products all over the world. Mumzworld has got everything related to babies and children. From diapers to clothes, feeding to toys, bathing needs to books and what not! It has also got a wide range of more than 1600 brands with big names such as Lego, Pampers, Fischer Price and Johnson&Johnson. Mumzworld promises the best price guarantee, free speedy delivery, easy returns and flexible payment options.

“A baby is the light of a mother’s eyes, and we at Mumzworld understand that every mum wants the best for her precious angel. In a remarkable breakthrough in online baby shopping, we present before you the most extensive range of baby and kids products that you could find in one place,” says the official site.

Mona started her career at Procter and Gamble (P&G) in the USA. Working there, she was involved in the soap sector. Then, after some time, she moved back to the Middle East and joined Johnson&Johnson. During her work period at Johnson’s, she launched many brands like Greiter Skin Care, ph5.5, Clean and Clear, and also, Johnson’s Suncare. She also relaunched some of the brands like Suncare and Piz Buin in Europe. In 2000, she left Johnson&Johnson and teamed up with her brother Rabea Ataya and co-founded Bayt (bayt.com), which today, is the leading job site in the Middle East and provides services all over the world to help people find the perfect jobs for them.

After becoming a mother to three boys, she turned to a full-time mother job. But this period brought difficulties for her. Soon, she began to discover gaps in the market, which could not satisfy the needs of a mother for her baby. But she wanted to tear down this inconvenience. So, in 2011 she came up with her 2nd startup, Mumzworld. She wanted to revolutionize the way mothers shop for their babies. Mumzworld had every indispensable for the need of a mother, which was also cost-effective. Since then, the site has been growing at a rapid pace. The site won many awards like ‘Small Business of The Year (2013)’, ‘Most Admired Online Retailer (2014)’, and ‘Customer Service Excellence Award’.

Mona, too, won many awards. She was listed in the ‘100 Most Powerful Arab Women’ in 2014 and 2015. She also got mentioned in ‘100 Most Powerful Arabs, next generation’.

“Endeavors have been fantastic. It has allowed us to meet and get support from super-super smart minds” quoted Mona, when enquired about the network of startups and businesses. She tips for new entrepreneurs, that in business world one has to keep on going and fundamentally believe their vision and what they are trying to achieve. ‘Being an entrepreneur is more of a mindset’ she says.

Mona says that her vision was and is to create a necessary online extension to a mother’s world. Mumzworld also keeps on enrolling itself into social initiatives, like giving out free meal vouchers and providing impoverished mothers with baby essentials.

She shares her daily routine as a typical work mom. Starting from taking her kids to school, then working in her office until her kids get free from school, and then ending it by putting all her kids to sleep by herself. She refers that the hardest job is of a full-time mother, and also that this fact cannot be denied. When asked about her inspiration, she said that her challenges were her inspirations alongside her children. Her challenges gave her the ultimate idea for success.

So, the CEO and founder of Mumzworld, Mona Ataya clearly gives us the light that even the hardships and challenges in our day-to-day life can leave life-changing impressions on us which leads our pathway to success. Mona undoubtedly is a role model and a great mentor to be followed.