Kakao Corp. will acquire a majority stake of live commerce startup firm Grip Co., according to sources Wednesday.

The South Korean tech giant plans to acquire a 48 percent stake of the company for 180 billon won ($152.5 million), sources familiar with the deal said.

Established in 2018, the company currently operates its namesake live commerce mobile application, which allows users to sell products online.

The number of sellers on Grip stood at some 12,000 as of April, and the volume of transactions on the app reached 25.3 billion won
($21.4 million) last year. (Yonhap)