Terence Lee · · 2 min readQoo10 transactions in Asia doubled to USD 224M in one year; company gunning for IPO
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 | 91 million | 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)
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