Yogiyo jumped back into the quick commerce market with GS Retail, vowing to become the first company to deliver groceries and products within one hour on a nationwide scale.
GS Holdings reported a record net profit of 1.6 trillion won ($1.3 billion) last year on the back of strong performance from its oil refining subsidiary, GS Caltex.
Food delivery apps are getting creative in an effort to improve their profitability as cutthroat competition threatens their chow-to-door model.
Delayed food deliveries and damage to food on the way to the homes of customers will soon be cause for compensation claims.
A consortium led by GS Retail will acquire a 100 percent stake in Delivery Hero Korea, operator of Korea’s second largest food delivery platform Yogiyo.
The Fair Trade Commission on Thursday said it would extend the deadline on the sale of Yogiyo to Jan. 2 as current circumstances made it difficult to meet the initial deadline of Aug. 2.
Coupang Eats, a food delivery service provider, started a quick commerce service that aims to deliver products within 15 minutes of the order being made.
Delivery Hero is shutting Baedaltong, a food delivery service, next month.
Woowa Brothers, which operates the Baedal Minjok delivery app, says its customers are becoming more environmentally conscious.
Koreans spent at least 12.2 trillion won ($11 billion) ordering food via delivery apps last year, according to estimates by WiseApp and Wise Retail.