One Store secures $14.8 mn investment from Krafton

The S.Korean app store aims to expand in earnest into the US and Europe with this funding

One Store secures .8 mn investment from Krafton
Seung-Woo Lee 1
2023-10-17 18:18:02 leeswoo@hankyung.com
Mobile networks

South Korean homegrown app store One Store Co. has attracted a 20-billion-won ($14.8-million) investment from Krafton Inc.

The company's goal is to become an alternative to the app market dominated by Apple and Google through its overseas expansion.

"We highly evaluate One Store's potential as it prepares for overseas expansion," said a Krafton source. He added that the investment was made to gain a better understanding of the overseas gaming market through One Store.

One Store was founded in 2016 by integrating the app markets of the three major South Korean telecom companies, SK Telecom, KT, and LG Uplus, along with Naver's App Store. SK Square is the largest shareholder in One Store, holding a 46.4% stake.

Naver (24.4%) and KT (2.9%), both founding members, as well as LG Uplus (0.7%), also hold stakes. Microsoft and DTCP, Deutsche Telekom's investment vehicle, which participated in a 2021 investment, also have stakes of 1.2% and 0.6%, respectively.

One Store plans to use the investment proceeds to accelerate its overseas expansion. It sees the opportunity to introduce a policy measure that mandates third-party app markets as a means to curb the influence of big tech companies, particularly in the US and Europe.

The European Union's Digital Markets Act includes regulations that designate platform operators above a certain scale as "gatekeepers."

Due to these institutional changes, the legal basis has been established for third-party store apps like One Store to be installed on Apple's iOS, which has typically prohibited the installation of other app markets.

Following the establishment of its first overseas subsidiary in Singapore in April last year, One Store added another subsidiary in the Netherlands in August this year.

Based on its overseas expansion success, the company also plans to attempt an initial public offering (IPO) again. Last year, the company started preparing for an IPO but withdrew its listing due to the offer price falling below expectations in May.

Write to Seung-Woo Lee at leeswoo@hankyung.com
#One Store #Krafton #third-party store apps #initial public offering #SK Square #SK Telecom #Naver App Store

Korean app market One Store to raise $151 mn for Kiwoom's exit

Korean app market One Store to raise $151 mn for Kiwoom's exit

A gift card from Korean homegrown app market One Store (Courtesy of SK Square) One Store Co., a South Korean homegrown app store, is slated to attract more than 200 billion won ($151.3 million) as its 100 billion won loan, which it took out in 2019, matures at the end of this year.SK Square Co.

One Store becomes fifth Korean IPO dropout this year

One Store becomes fifth Korean IPO dropout this year

One Store became the fifth Korean company that withdrew an IPO plan so far this year One Store Co., South Korea's homegrown app store, on Wednesday canceled its initial public offering on the Korea Exchange, after its shares failed to draw as strong demand from institutional investors as expect

Korean app market One Store to venture into SE Asia

Korean app market One Store to venture into SE Asia

One Store will price its IPO after the May 9-10 bookbuilding One Store Co., South Korea's homegrown app store, will venture into Taiwan and Southeast Asia within the year, aiming to crack Google and Apple's duopoly in the global app market as it has at home.The marketplace of mobile games, web

One Store refiles IPO application, changing peer group list

One Store refiles IPO application, changing peer group list

One Store, app store by SK Square Co., an investment unit spun off from SK Telecom Co. One Store Co., investment firm SK Square Co.'s homegrown app store, is gearing up for an initial public offering to be held in May. The local app store has proposed a maximum market capitalization of 1.1 tril
(* comment hide *}