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Qoo10 transactions in Asia doubled to USD 224M in one year; company gunning for IPO

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In rapid fashion, Qoo10 has become a major e-commerce marketplace in Asia, processing SGD 278M (USD 224M) in its five countries last year, up from SGD 150M in 2011. However, it’s still a smidgen of the USD 175B worth of global transactions that are taking place on eBay — roughly equivalent of what China’s Taobao was processing in 2012.

The company makes between three to six percent off every transaction. To fund future expansion, it is gunning for an IPO within two years on the Nasdaq.

Singapore is Qoo10’s second largest market in terms of users and sales performance. The company’s top market is Japan, which has 1.7 million users, or twice that of Singapore. The gap is considerably less in terms of transactions, with Qoo10 processing 35,000 in Japan and 30,000 in Singapore. However, if country size is taken into consideration, then Singapore is the company’s most active market.

Qoo10 is also operating in China, Hong Kong, Indonesia, and Malaysia.

The company behind the marketplace, Giosis, is a joint venture between eBay (49 percent stake) and Ku Young Bae (51 percent). Ku, who also founded GMarket, sold his South Korean operations to eBay before working on Giosis and rebranding all international GMarket sites to Qoo100.

More stats on Qoo10

Traction in Singapore:

 

Founding to 31 December 2010

2011

2012

Accumulative
(As of March 2013)

Sales (SGD)

6.4 million

34.6 million

91million

160 million

Transactions

770,000

3 million

6.5million

12 million

Members

88,000

270,000

430,000

900,000

Sellers

5,000

10,000

30,000

53,000

Number of employees: 450 (40 in Singapore)

Overall total sales from mobile: 20 percent

Downloads for Qoo10 app in Singapore/World: 500k/1 million

Growth rate in Singapore: 20 percent a month (fastest among all countries)

Registered Singapore users in March 2013: 900,000

New registered users a day since January 2012 in Singapore: 1,000

Profile of Qoo10 user: 27 years old on average, 75 percent female

Pageviews in Singapore: 90 million


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