Kakao Races to Become South Korea’s Amazon

Kakao Races to Become South Korea’s Amazon

KakaoTalk. Shutterstock.

The mobile messaging app operator is looking to duplicate the US tech and retail giant’s success by growing its business into online shopping, fintech, media content and logistics, The Korea Times reports. 

Kakao will announce its first quarter results this Thursday; experts forecast that it will report a 43 percent rise in sales to 1.24 trillion won ($1.1 billion) and a 74 percent increase in profit to 153.8 billion won ($136.8 million), according to The Korea Times.

Though Korea has its fair share of tech firms building out multi-platform empires, Kakao could come out on top thanks in part to its messaging app, which has more than 46 million monthly active users, as well as growth across its e-commerce, media and ride-hailing businesses. Recently, the firm announced its acquisition of Croquis, the operator of fashion e-commerce player ZigZag, which creates personalised shopping experiences with an AI algorithm.

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