Yanolja 야놀자, South Korea’s leading mobile app for travel booking and a cloud-based hotel administration service provider, announced on October 14 that it would acquire the leisure divisions of Interpark 인터파크, an online shopping mall.
Yanolja will acquire a 70% share of Interpark’s divisions for shopping, travel, concert tickets and books for KRW 294b (USD 248.6m). Previously in July, Yanolja received a KRW 2t (USD 1.7b) investment from Softbank Vision Fund. (See previous coverage.)
Although Interpark was South Korea’s first online shopping website, it lost most of its market share to competitors such as Coupang 쿠팡. But Interpark remained strong in the sales of books and concert tickets, which Yanolja will acquire as it seeks to consolidate its position in the travel and leisure business.