December 13, 2019
Hillhouse portfolio company Woowa Brothers, the operator of South Korea’s dominant food delivery platform “Baedal Minjok”, announced a deal with Germany’s Delivery Hero, in a move focused on global expansion in Asia. The combined business helps create the largest food delivery platform globally, outside of China.
A long-time financial and strategic partner of Woowa, Hillhouse is currently the largest shareholder of the company and led its last three rounds of funding. Over the past several years, Hillhouse has been committed to helping the company grow in the competitive Korean food delivery space. The successful exit from Woowa marks another strong outcome for Hillhouse in Korea, having invested in the market for more than 10 years.