SK Telecom raises $452m for e-commerce unicorn

The funds raised from a mix of government funds and private investors will help SK Telecom's online shopping site 11st better compete with bigger players Coupang and GMarket.

SK Telecom has raised W500 billion $452 million for its online shopping business, 11st, as part of its plan to spin off the business into a standalone entity, marking the second-biggest fundraising ever for an unlisted company in South Korea.

South Korea’s biggest telecommunications service provider said on Wednesday that it is selling about 18% of 11st to Korea National Pension Service, Korean Federation of Community Credit Cooperatives and private equity firm HQ Asia Pacific.

The sale of convertible preference shares values 11st at $2.5 billion about four times the firm’s sales of $621 million last year on a post-money basis and...

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