Delivery Hero Korea, Baedal Minjok reveal 2018 Revenues

Delivery Hero’s revenue grew 29% YoY

Delivery Hero announced the 2018 revenue from its two Korean companies, Yogiyo and Baedaltong. Last year, Delivery Hero Korea earned 105.2 million USD, an increase of 29% from 81.3 million USD in 2017.

Delivery Hero Korea (Unit: Million USD)

	2018	2017
Revenue	105.2	81.3

Delivery Hero operates Foodpanda in Singapore.

This is first time that Delivery Hero Korea’s revenue has been made public, as it’s a limited company and not obligated to disclose financial information.

Market share of food delivery apps consists of 55.7% Baedal Minjok, 33.5% Yogiyo and 10.8% Baedaltong as per Korea Federation of Micro Enterprise and Research Lab. Even though Delivery Hero commands a combined 44% market share, its revenue is only a third of Baedal Minjok. It means that while Delivery Hero drew in users through marketing efforts, their users ordered and paid much less using Yogiyo and Baedaltong than Baedal Minjok.

Kang Shin-Bong, CEO of Delivery Hero Korea, said they will spend over 85 million USD for marketing in 2019, which is 3 times more than Baedal Minjok spent in 2018. Based on financial disclosure, Baedal Minjok has incurred marketing expenses of 27.4 million USD in 2018, a 10% increase from 24.8 million USD in 2017.

Baedal Minjok’s revenue grows 96% YoY

Baedal Minjok (Unit: Million USD)

	2018	2017
Revenue	272.4	138.7
Operating Profit	50.0	18.5
Operating Profit Margin	18.4%	13.3%

Baedal Minjok disclosed its 2018 financial result. Its revenue has soared to 272.4 million USD, up 96% from last year. It shows healthy operating profit of 50 million USD as well. Operating Profit Margin has increased 18.4% from 13.3% in 2017.

Based on article by etnews and financial disclosure