Alibaba invests $71 million in parent company of South Korean e-commerce platform Ably

['Technode Feed', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar', 'Vertical-Align Middle .Wp-Block-Co-Authors-Plus-Avatar Is .Alignleft .Alignright'] TechNode 2024-12-03 00:00:00

South Korean e-commerce platform Ably announced that its parent company, Ably Corp., has secured a KRW 100 billion ($71 million) investment from Alibaba. The investment gives Alibaba a 5% stake in Ably Corp. Following the deal, the company’s valuation rose to KRW 3 trillion ($2.1 billion), making Ably Corp. South Korea’s first unicorn startup (a startup valued at $1 billion or more) in 2024. According to Korea Economic Daily, Ably Corp. operates several e-commerce platforms, including the women’s fashion site Ably, the men’s fashion marketplace 4910, and the Japanese fashion platform Amood. Its transaction volume has grown significantly, from KRW 700 billion ($499.8 million) in 2021 to approximately KRW 2 trillion ($1.4 billion) this year.